Tax
From The Report: Philippines 2018
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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.

Articles from this Chapter

Overview

Duty calls: A look at the tax laws applicable to individuals and businesses
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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. There is a territorial system of taxation for foreign corporations and individuals, and non-resident…

Overview

Duty calls: A look at the tax laws applicable to individuals and businesses
OBG
plus

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. There is a territorial system of taxation for foreign corporations and individuals, and non-resident…

Viewpoint

Full steam ahead: Marivic Españo, CEO and Chairperson, P&A Grant Thornton, on reforming the taxation system to encourage investment
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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 January 1, 2018. In addition to promoting simplicity, fairness and efficiency in the tax system, TRAIN…