The Bureau of Internal Revenue released a draft Circular dated 5 March 2008 which provided clarification that registered enterprises within the ECOZONE are subject to 5% tax on gross income earned. Of this 5%, 3% is paid to the national government while the remaining 2% is paid to the municipality or city where the enterprise is located. ECOZONE registered enterprises are also subject to the imposition of documentary stamp tax, excise tax and VAT on the import of goods. However, income derived from non-registered activities is subject to tax at regular rates, such as: -   20% (final) on interest...