Before concluding 2024, here are the key taxation changes in the Philippines that every business should know before entering 2025. The year 2025 is poised to usher in significant developments in Philippine taxation, which is reflective of the government’s ongoing efforts to streamline tax administrat...
Since the implementation year, employees on both government and non-government sectors have experienced a big drop on tax reduction on their monthly pay. However, many products in the market got its price a bit higher. So just in case you are wondering how much tax you are paying to the ...
Some governments have introduced tax governance programs that rate and qualify taxpayers based on their processes and accountability. These programs, which build trust between taxpayers and tax authorities, lead to fewer interventions and potential concessions on penalties. Countries such as the UK, Austr...
…charities that support small-scale farmers and help people after natural disasters have…had their top brass charged and accounts frozen for allegedly breaching the Philippines’s Anti-Terrorism Act, a draconian law passed in 2020. Their ordeal is an example of how governments are weaponising rul...
Why tax accounting teams need to prepare for the implementation of BEPS, and how the obstacles may vary from country to country. Learn more. 28 Apr 2023Brian Foley Why a 15% financial statement tax rate may not avoid global minimum tax ...
public accountant who recommended granting a claim for refund of input value-added tax? No. InNippon Express Philippines Corporation v. Hon. Caesar R. Dulay (CTA EB No. 2442 [CTA Case No. 9873], June 23, 2022), the CTA En Banc rejected the taxpayer’s position tha...
Tax Implications for 13th Month Pay and Christmas Bonuses in the Philippines December 18, 2024 by ASEAN Briefing Learn how 13th Month Pay and Christmas bonuses are taxed in the Philippines. This guide covers the tax-exempt threshold, calculation examples, and practical tips for employees and em...
Assessments 104 Tax Collection Using Distress Warrant 110 Tax Dispute and Resolution Objections; Appeals; Other avenues for tax dispute resolution; Judicial Review Requests to the Supreme Court 112 Contacts 116 Corporate Income Tax Corporate Income Tax Tax rates Generally a flat rate of 22% applies....
the rate may be reduced to 15% subject to the condition that the country in which the nonresident foreign corporation is domiciled shall allow a credit against the tax due from the nonresident foreign corporation on taxes deemed to have been paid in the Philippines equivalent to 10%, which rep...
For businesses submitting on behalf of their employees, the annual PIT finalization is the last day of the third month from the end of the calendar year or financial year. Thus for the 2021 finalization, the deadline is March 31, 2022. ...