Philippines Tax

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Rapid macroeconomic growth has worked to strengthen trade and investment in the Philippines. Build, Build, Build – the government’s infrastructure development agenda – is supporting soaring imports, while the fast-growing manufacturing export base remains an economic mainstay.

 

How is the tax system being simplified to enhance the business environment?

 

Taxes in the Philippines are imposed at both the national and local levels. Nationally, 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, excise and documentary stamp taxes, all of...

Chapter | Tax from The Report: The Philippines 2017

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.

Despite gloomy global trade forecasts, the Philippines’ strong macroeconomic fundamentals, competitive geographical and labour force advantages, and rising domestic consumption bode well for future trade and investment.

A proposal to offer limited amnesty to delinquent taxpayers alongside stronger future enforcement measures could boost tax compliance in the Philippines, bringing fresh revenues to the state and certainty to investors.