Favourable demographics, ongoing structural reforms, and an increasing openness to foreign participation bode well for the prospects of the Philippine economy over the medium to long term. In 2019 cooling inflation as a result of easing commodity prices and the implementation of supply-side policies have improved business sentiment, while the general endorsement of President Rodrigo Duterte’s ag
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.…
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 impose taxes on business and ownership of real property.…
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 impose taxes on business and ownership of real property.…
Sound fiscal and monetary policy-making should help prevent the economy from overheating, even as socio-economic challenges, rising income inequality and inflation pose as obstacles to inclusive growth. Public debt is low and fiscal buffers remain strong, although a shift away from public-private partnerships as the preferred model for new infrastructure projects will see government borrowing spik
Viewpoint:Marivic Españo 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 packages taking effect on…
Before his election to the highest office in the land in mid-2016, President Rodrigo Duterte presented himself as an agent of change, the political outsider based in marginalised Mindanao who would shake up a political system historically dominated by powerful family dynasties. While his abrasive style and uncompromising approach to perceived matters of national security have caused consternation…
OBG Business Barometer: Philippines CEO Survey Copyright (c). All rights reserved. This survey has been designed to assess business sentiment amongst business leaders (Chief Executives or equivalent) and their outlook for the next 12 months. Unlike many surveys, the OBG Business Barometer is conducted by OBG staff on a face-to-face basis, across the full range of industries, company sizes and functional…
This chapter examines the Philippines’ tax regime, focusing on the territorial system for foreign companies and individuals, financial reporting framework, special economic zone tax benefits and other key areas. It also features an interview with Marivic Españo, Chairperson and CEO, P&A Grant Thornton.…
Worrying statements from President Duterte have caused some uncertainty among foreign investors, but far-reaching policy reforms – including corporate income tax reduction, loosening of foreign investment restrictions, and reduction of red tap and lengthy business registration processes – will help offset these concerns. Export growth may falter, but expected increases in foreign direct invest
