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Philippines Tax News

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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