Regardless of the business’ geographical location, sector, or dimension, Corporate Taxation in the Philippines is a complex and bureaucratic process. For all companies based in the Philippines, paying taxes requires significant time, effort, and financial planning. Outsourcing your tax processing and preparation saves you time, money and ultimately a lot of hassles.
Corporate Taxation in the Philippines has become more business-friendly with a reduction in the corporate income tax rate from 35% to 30%. The government has also introduced various programs and tax incentives, such as those offered by the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA), to attract investors. While these efforts aim to boost international investment and economic growth, the Bureau of Internal Revenue (BIR) has intensified its crackdown on tax evasion, imposing severe financial penalties on violators.
Although these most recent reforms, paying taxes in the Philippines still remains a very complex task. According to the latest Doing Business Report from the World Bank and IFC, globally Philippines stands at 143 in the ranking of 185 economies on the ease of paying taxes.
This recent report shows how difficult it is to comply with tax rules in the Philippines, where on average a firm has to make 47 tax payments a year and spends 193 hours a year filing.
Triple i Consulting can help your business with its suite of tax consultation services to assist companies or completely manage their accounting departments. Our team of qualified tax attorneys, and accountants posses the knowledge and tools to complement any organizations needs whether you require monthly tax consulting or would like to implement a long term tax strategy to reduce your future tax liability.
Services range from clarification of certain accounting implications, to representation with the Bureau of Internal Revenue (BIR) and the Local Government Units (LGUs) with respect to specific problems involving national and local taxation, respectively. Triple i will also provide constant updating of new accounting and tax guidelines as they are published and released by the BIR.
Contact us to speak with one of our consultants and to find out more information on how Triple i Consulting can help support your growing business in the Philippines.