Other Briefings
The Philippines Expands the Number of Taxpayers Included in its e-Tax Filing Program
The Philippines’ Bureau of Internal Revenue (BIR) has announced that it has expanded the number of taxpayers who must now use e-filing to pay their taxes. This action is intended to make filing tax returns simpler and encourage more tax compliance from taxpayers.
Philippines the First ASEAN Country to Join the EU’s General System of Preferences Plus (GSP+)
On December 18, 2014, the European Parliament officially granted the Philippines’ request for inclusion in the European Union’s (EU) General System of Preferences Plus (GSP+). The Philippines will soon be able to export, tariff-free, over 6,200 products (66 percent of all product tariff lines) to the EU, including processed fruit, coconut oil, footwear, fish, and textiles.
The Philippines’ Inclusive Business Program to Provide a Range of Incentives to Foreign Investors
The Philippines is currently accepting applications from companies to participate in its Inclusive Business (IB) program. The program is intended to help reduce poverty across the nation by encouraging businesses to set up their operations in areas that have been identified as economically disadvantaged. In return for basing their operations in these areas, businesses will be granted a range of financial and other incentives. The program will initially focus on the areas of Marivetes (Bataan), Cavite, Mactan (Cebu), and Baguio.
Key Industries for Investment in ASEAN
As ASEAN continues its transition to greater economic integration with the implementation of the ASEAN Economic Community in 2015, the region is seeing strong growth in a number of industries. Among the key business areas are electronics, information and communications technology, textiles and apparel, and medical devices.
Understanding How The Philippines Taxes Online Sellers
The Philippines’ Bureau of Internal Revenue (BIR) has issued a memorandum stating that it will now begin collecting taxes from individuals and businesses that are engaged in selling products online.
BPO in the Philippines Could Jumpstart Economic Growth
The month of August saw an all-time high for employment in the Business Process Outsourcing (BPO) sector in the Philippines, hitting over one million employees. The growth in employment is being primarily driven by the expansion plans of a number of companies, such as Accenture and Convergys. Over the past decade, the Philippines BPO industry has seen tremendous growth – revenues and employment have expanded tenfold since 2004. The industry sees an average per year growth rate of 20 percent.
Philippines Signs onto Multilateral Tax Assistance Convention
In a move aimed at streamlining its tax processes, the Philippines has become the 68th nation to sign on to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Kim Jacinto Henares, the Commissioner of the country’s Bureau of Internal Revenue, signed the agreement in Paris on September 26th.
The Philippines Issues Restraining Order on Investor Disclosure Rules
On September 9th, the Philippines’ Supreme Court issued a temporary restraining order on the Bureau of Internal Revenue (BIR), which prevented it from enforcing regulations requiring the submission by withholding agents of a list of their investors receiving taxable income. These regulations were laid out in Revenue Regulations (RR) No. 1-2014, which were promulgated earlier this year.
E-Commerce Markets Across ASEAN
Singapore, Malaysia, Indonesia, and the Philippines are quickly becoming four of the hottest e-commerce markets in ASEAN. In this article, we review the characteristics of each nation’s e-commerce markets and highlight opportunities for international investors.
Philippines Destined to be Asia’s Next Tech Tiger?
The Philippines may have the fastest-growing economy in Southeast Asia, but it also has the slowest internet speed in the region. Despite this, some foreign investors believe they may have spotted an opportunity that could turn the country into Asia’s next tech tiger.
