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…
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-,…
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…
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…
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…
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…
Interview:Protacio T. Tacandong In what ways do you expect artificial intelligence (AI) and other digital tools to disrupt tax administration? PROTACIO T. TACANDONG: In the age of digital disruption, every company must be able to respond to three major concerns: how to survive in this new environment, how to retool a labour force with the appropriate skills and how to capitalise on changes…
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 completed…
The Philippines continues to be one of the most attractive investment destinations in Asia. This is unsurprising given its high literacy rate; English proficiency; abundant natural resources; and efficient, productive and competitive workforce. The first three years of the administration of President Rodrigo Duterte brought rapid changes in the business climate, tax regulatory framework and…