Tax
From The Report: Philippines 2014
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In partnership with Punongbayan & Araullo, OBG explores the Philippine tax system, with a focus on incentives, regulations, reporting framework, and other areas of interest to business and investment in the Philippines.
This section also contains an interview with Marivic C Espana, Chairperson and CEO, Punongbayan & Araullo.

Articles from this Chapter

Overview

An eye on accounts: Details of the tax code
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Taxes in the Philippines are imposed at the national and local levels. At the national level, taxes are levied and collected pursuant to the National Internal Revenue Code, the Tariff and Customs Code, and several special laws. There are four main types of national internal revenue taxes: income, indirect (value-added and percentage taxes), excise and document stamp taxes, all of which are administered by the Bureau of Internal Revenue (BIR). At the local level, governments have some autonomy…

Interview

OBG talks to Marivic Españo, Chairperson and CEO, Punongbayan & Araullo
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Interview:Marivic Españo In what ways can the tax system be prepared for the impending economic integration of ASEAN? MARIVIC ESPAÑO: Rules should be defined as simply as possible and implemented uniformly to avoid confusion. There should also be moves to harmonise tax regulations across ASEAN and to define rules more precisely on taxing e-commerce. The existing Customs system should be reviewed to ensure its responsiveness to changes in the global market, and tax rates should be realigned…