This chapter examines the tax system of the Philippines, focusing primarily on those stemming from AmBisyon Natin 2040. This includes: The Tax Reform for Acceleration and Inclusion bill; The Tax Reform for Attracting Better and High-Quality Opportunities bill; the Green Jobs Act; The Tax Amnesties Act; and The Tax Amnesty of Delinquencies. This chapter also outlines which processes can now be...
Philippines Tax
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The Philippines’ cooling inflation, improved ease of doing business and increased openness to foreign participation are set to encourage more foreign direct investment. A wealth of infrastructure investment under President Rodrigo Duterte’s flagship Build Build Build programme should ease congestion, reduce regional inequality and further boost the flourishing tourism industry.
Articles & Analysis | A look at the tax laws applicable to individuals and businesses in the Philippines from The Report: Philippines 2018
Nationally, taxes are levied and collected pursuant to the National Internal Revenue Code, the Tariff and Customs Code, and other laws. The main types of revenue taxes are income, indirect, excise, documentary stamp and transfer, which are all administered by the Bureau of Internal Revenue (BIR). Local governments also have some autonomy to...
Interviews & Viewpoints | Marivic Españo, CEO and Chairperson, P&A Grant Thornton: Viewpoint from The Report: Philippines 2018
Taxation is not a very politically popular area. We are therefore pleased about the political will displayed by the current administration in overhauling the country’s 20-year-old tax system. A series of tax reform packages have been laid out under the Tax Reform for Acceleration and Inclusion (TRAIN) strategy, with the first of five such...
This chapter offers an overview of the Philippines’ tax regime, focusing on the territorial system for foreign companies and individuals, financial reporting framework, special economic zones and other key subjects. It also contains a viewpoint from Marivic Españo, CEO and Chairperson, P&A Grant Thornton.
Rapid macroeconomic growth has worked to strengthen trade and investment in the Philippines. Build, Build, Build – the government’s infrastructure development agenda – is supporting soaring imports, while the fast-growing manufacturing export base remains an economic mainstay.