Indonesia, a South-east Asian archipelago with over 17,000 islands, has a long history dating back millions of years, marked by the early presence of Austronesians and the spread of Islam, which became dominant by the 17th century. Currently, Indonesia is poised for significant economic growth under the incoming administration of Prabowo Subianto, which aims for 8% annual growth, targeting a top-f
The Philippines posted average economic growth of 6.4% over 2010-19. While the Covid-19 pandemic tested the country’s resilience during 2020, the response measures contained within the two national stimulus packages, Bayanihan 1 and 2, provided support to vulnerable industries. Meanwhile, the rollout of the imminent Corporate Recovery and Tax Incentives for Enterprises bill is expected to create
Although the Philippines has experienced some of Asia’s most stringent coronavirus containment measures and registered one of the highest case counts in the region, it has also maintained a fatality rate below the global average. As policymakers cautiously ease restrictions in an effort to boost economic activity, this report looks at the opportunities for digitalisation and outsourcing that are…
The government implemented various programmes to help alleviate the economic impact of the Covid-19 pandemic. To sustain these measures, the Department of Finance issued Revenue Regulation (RR) No. 21-2020 in September 2020, which outlines the guidelines for the implementation of the Voluntary Assessment and Payment Programme (VAPP) for the 2018 taxable year. Compliance To limit contact with…
The Covid-19 pandemic impacted countries and businesses around the world. In the Philippines lockdown measures in the form of community quarantines were imposed and many workers became unemployed. The Bayanihan to Heal as One Act (Bayanihan 1) was enacted on March 25, 2020 in response to the crisis. Included in the law’s measures were tax deferments, the non-payment of documentary stamp tax…
Interview:Protacio T Tacandong To what extent will the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill facilitate economic recovery from the Covid-19 pandemic? PROTACIO T TACANDONG: It originally intended to provide incentives to qualified investors who contribute to job generation; however, subsequent amendments provided businesses relief. Notably, the bill will help micro-,…
This chapter examines the tax system of the Philippines, focusing primarily on the tax implications of Bayanihan 1 and 2, introduced during 2020 in an effort to mitigate the impact of the Covid-19 pandemic, as well as transfer pricing, the arm’s length principle and audit guidelines. The chapter also includes an analysis of tax compliance efforts in light of the pandemic, and commentary on the…
Although the Philippines has experienced some of Asia’s most stringent coronavirus containment measures and registered one of the highest case counts in the region, it has also maintained a fatality rate below the global average. As policymakers cautiously ease restrictions in an effort to boost economic activity, this report looks at the opportunities for digitalisation and outsourcing that are…
As of 2020 Papua New Guinea is in the process of significant tax reform following recent amendments to the country’s tax code. Among the most recent changes are those related to the taxation of extractive industries, while proposed reforms include the introduction of a capital gains tax and the rewriting of the Income Tax Act. National Budget The 2020 budget was the first to be issued by…
Viewpoint: Jonathan Seeto Although it is difficult to believe that anything good could come from a global pandemic, the current crisis and Papua New Guinea’s capacity to respond has acted as a wake-up call for the country to identify its priorities for the future. PNG has promising development prospects and an opportunity to dramatically improve social outcomes, but we may need to make fundamental…
