Tax BlogCorporate Taxation in the Philippines

March 4, 20130
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Regardless of the business’ geographical location, sector or dimension, for all the companies based in the Philippines, paying taxes is always a difficult and bureaucratic procedure that demands a lot of time, work and financial planning.  Outsourcing your tax processing and preparation saves you time, money and ultimately a lot of hassles.

Philippines has eased tax burden on business by reducing corporate income tax rate from 35% to 30% and its government has also created many programs and tax incentives to attract investors to the country as Board of Investments (BOI) and Philippines Economic Zone Authority (PEZA). This effort to boost the international investment and economic growth has been followed by a huge effort from the national authorities and more specifically from the Bureau of International Revenue (BIR) to fight against the tax evasion and impose severe financial penalties against tax evaders.

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.

Corporate tax rates in Philippines

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.

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