The Philippine Economic Zone Authority (PEZA) currently explores “new frontiers in ecozone development” to revolutionize the agency while inviting private companies to take part in these ecozone projects.
The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular No. 47-2019 which prescribes the revised documentary requirements for the processing and granting of VAT refund claims.
BIR aims to “provide world-class frontline services to the taxpayers” by requiring all Revenue District Offices (RDOs) to introduce a feedback system which can measure customer satisfaction based on the services rendered by RDO personnel.
ADB’s 2019 Asian Development Outlook (ADO) shows that the Philippines’ gross domestic product (GDP) is expected to grow at 6.4% in 2019 and 2020 from last year’s 6.2%.
The latest quarterly Business Expectations Survey (BES) and Consumer Expectations Survey (CES) of the Bangko Sentral ng Pilipinas (BSP) indicate a positive outlook for the first quarter of the Philippines’ economic status.
Each year, businesses and entrepreneurs file their Income Tax Returns (ITRs) on or before the deadlines set by the Bureau of Internal Revenue (BIR) for their tax type and associated tax return. However, some taxpayers are still confused with the filing and payment process.
It has become simplier for non-residents to enjoy preferential withholding tax rates for dividends, interest, and royalty earnings from domestic sources. The Bureau of Internal Revenue has issued new procedures to claim preferential tax treaty benefits for nonresidents covered by tax treaties signed by the Philippines with other countries.