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Philippines Tax News

Treaty between Philippines and United Arab Emirates – details

10 April 2009

Treaty between Philippines and Turkey signed

10 April 2009

Treaty between Qatar and Philippines ratified

16 March 2009

Protocol to treaty between Philippines and Japan – details

22 February 2009

Protocol to treaty between Japan and Philippines enters into force

23 January 2009

Treaty between Qatar and Philippines signed

23 January 2009

Protocol to treaty between New Zealand and Philippines enters into force and details

4 November 2008

Consolidated regulations on taxation of disposals of shares of domestic companies held as capital assets

21 June 2008

Draft Circular clarifying taxability of businesses located in ECOZONE issued

15 April 2008

Amendments on guidelines for registration of securities borrowing transactions and tax treatment

16 March 2008

Guidelines on implementation of Improved Voluntary Assessment Program (IVAP) issued

24 March 2007

Protocol to treaty between Japan and Philippines signed

15 January 2007

Protocol to treaty between Japan and Philippines – negotiations

13 August 2006

Treaty between Japan and Philippines – negotiations

14 June 2006

Philippine ruling that guarantee fees are not interest under Philippines-Korea (Rep.) tax treaty

14 May 2006

Loans of listed securities proposed to be tax exempt

1 January 2006

The Court of Tax Appeals in Mirant (Philippines) Operations Corp. v. CIR, CTA Case No. 6382 (7 June 2005) confirmed that the filing of an application for tax treaty relief with the Bureau of Internal Revenue, and the subsequent issuance of an official ruling to confirm the application of a preferential tax rate under a Philippines treaty, are mandatory for the non-resident taxpayer who intends to avail of such a preferential rate on its Philippine-source income. The non-resident taxpayer cannot rely on rulings issued to other taxpayers, who may not actually be similarly situated, as basis for treaty relief

6 December 2005

Germany confirmed that negotiations for a new tax treaty with the Philippines are ongoing, although no scheduled negotiation dates have been released. Once signed and in force, the new treaty will replace the Germany-Philippines income and capital tax treaty of 22 July 1983.

3 August 2005

The corporate income tax rate will be increased from 32% to 35% for 2006, 2007, 2008 and the rate will be reduced to 30% s from 2009.

9 June 2005

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