In efforts to raise revenue and sustain projects, tax laws are enacted to increase the government's resources in response to the ever-changing economy, fiscal policy, and government expenditures. At the same time, there is a desire to simplify tax processes, and increase local and foreign investments. Hence, there should be a balance between fiscal requirements and administrative feasibility.
Republic Act ("RA") No. 11976, or otherwise known as the Ease of Paying Taxes ("EOPT") Act, which became effective on January 22, 2024, stands to affect all kinds of taxpayers. As taxpayers, it is important to keep abreast of any new tax law and consequences arising therefrom.
In addition, the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy ("CREATE MORE") Bill has sparked discussions among tax professionals, affected taxpayers, and potential investors. The CREATE MORE Bill intends to make investments in the Philippines more attractive.
Moreover, year on and year out, importers experience the difficulty of implementing customs laws, and regulations. As such, importers may struggle to ensure full compliance with rules on post-importation adjustments, such as transfer pricing and royalties.
In this connection, the European Chamber of Commerce of the Philippines ("ECCP"), together with its Customs and Logistics Committee as well as Tax and Financial Committee, is organizing a 2-hour briefing that will be conducted by Tax Partners from SGV & Co., which aims to achieve the following:
The session will feature the following topics:
In close partnership with government, businesses, civil society, and academia, ECCP passionately works to enhance the business environment for both European and Filipino companies.