Other Briefings
The Philippines Signs IGA on FATCA with the United States
On July 15, the Philippines entered into an Intergovernmental Agreement (IGA) on tax information sharing with the United States in order to comply with the U.S. Foreign Account Tax Compliance Act (FATCA).
The Philippines Calls for a Further Simplified Tax System
Over the past year, the Philippines has been making great strides in improving its business environment. Chief among these improvements has been the government’s efforts to simplify the country’s tax system. While the initial steps in this area have met with some success, there have been calls from within and outside of the government to further improve the tax system.
The Cost of Business in the Philippines Compared With China
When considering where to locate, compare China to the Philippines, an ASEAN Tiger with a population of about 100 million and GDP of USD300 billion that has been performing well over the past few years. Here, we discuss how the country can fit into a firm’s business model.
Philippines and the European Free Trade Association begin FTA Negotiations
The Philippines and members of the European Free Trade Association (EFTA) have begun their first round of free trade agreement (FTA) negotiations in Makati, Philippines. The EFTA is made up of four countries: Iceland, Liechtenstein, Norway, and Switzerland. A completed FTA could have profound effects on businesses in both regions.
The Philippines Issues Income Tax Exemptions
The Philippines’ Bureau of Internal Revenue (BIR) has recently issued regulations that are intended to implement an increased individual income tax exemption cap for 13th month pay and other benefits to PHP82,000 (US$1,827), up from its previous level of PHP30,000. These new regulations will apply to workers in both the public and private sectors and are retroactively applicable from January 1, 2015. It is estimated that over half a million employees will benefit from the tax changes.
Philippines Seeks to Allay Fears about Upcoming Tax Incentives Management and Transparency Act
The Philippines’ Senate has introduced the Tax Incentives Management and Transparency Act, which attempts to create greater transparency around tax incentives. However, the new legislation has proven controversial – businesses have been fearful that they may lose their current tax breaks.
British Firms Encouraged to Expand into the Philippines
British firms are being encouraged to set up shop in the Philippines in order to take advantage of this up and coming Southeast Asian country. Last week, in a recent sign of the growing business relations between the two countries, British Ambassador to the Philippines, Asif Ahmad, hosted the Great British Festival in Manila.
The Philippines Expands the Number of Taxpayers Included in its e-Tax Filing Program
The Philippines’ Bureau of Internal Revenue (BIR) has announced that it has expanded the number of taxpayers who must now use e-filing to pay their taxes. This action is intended to make filing tax returns simpler and encourage more tax compliance from taxpayers.
Philippines the First ASEAN Country to Join the EU’s General System of Preferences Plus (GSP+)
On December 18, 2014, the European Parliament officially granted the Philippines’ request for inclusion in the European Union’s (EU) General System of Preferences Plus (GSP+). The Philippines will soon be able to export, tariff-free, over 6,200 products (66 percent of all product tariff lines) to the EU, including processed fruit, coconut oil, footwear, fish, and textiles.
The Philippines’ Inclusive Business Program to Provide a Range of Incentives to Foreign Investors
The Philippines is currently accepting applications from companies to participate in its Inclusive Business (IB) program. The program is intended to help reduce poverty across the nation by encouraging businesses to set up their operations in areas that have been identified as economically disadvantaged. In return for basing their operations in these areas, businesses will be granted a range of financial and other incentives. The program will initially focus on the areas of Marivetes (Bataan), Cavite, Mactan (Cebu), and Baguio.
