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Forthcoming report on the Philippines to put tax system overhaul in spotlight

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Forthcoming report on the Philippines to put tax system overhaul in spotlight
Reyes Tacandong & Co.
 signs first-time MoU with Oxford Business Group

The wide-ranging implications of the Tax Reform for Acceleration and Inclusion (TRAIN) 2 package for both national and international companies will be among the many topics analysed in a forthcoming report on the Philippines by the global research and consultancy firm Oxford Business Group (OBG).

The Report: The Philippines 2019 will look in detail at what the changes to the current tax regime will mean for foreign firms located in the country’s Special Economic Zones, where key incentives are set to be withdrawn. It will also consider the positive impact that the move to reduce the rate of income tax paid by enterprises by one-third to 20% is expected to have, especially on smaller-scale entities.

Other aspects of the reforms covered include the country’s plans to digitalise the tax administration, as part of broader efforts to make the system more efficient, effective and data-driven. OBG’s report will shine a spotlight on the upcoming e-Invoicing and eSales reporting requirements, which were introduced under the TRAIN Package 1 and represent a major step forward for the Bureau of Internal Revenue in terms of meeting these and other goals.

Reyes Tacandong & Co. has signed a first-time memorandum of understanding (MoU) with OBG for its forthcoming publication. Under the MoU, the professional services firm will help OBG to research and produce the Tax chapter of The Report: The Philippines 2019, while contributing additional analysis for the Group.

Commenting after the signing, Protacio “Cocoy” Tacandong, Chief Operating Officer, said, “We are pleased to have signed a Memorandum of Understanding with OBG and share our expertise in the area of taxation, especially with the recent tax developments arising. This strategic partnership between our organizations will provide our stakeholders the most relevant information on the ongoing Philippine tax reform and legislation.”

Charlotte Van Camp, OBG’s Country Director in the Philippines, said she was delighted to have Reyes Tacandong & Co’s team on board for the Group’s 2019 report, adding that the firm’s high level of expertise and extensive experience in its field would prove invaluable, given the major changes planned for the national tax system.

“With the implementation of the TRAIN 2 package fast approaching and the digitalisation drive gathering pace, there is much for investors eyeing the Philippines’ potential to consider when making their decisions,” she said. “Reyes Tacandong & Co’s experts are playing a pivotal role in helping business leaders across the economic sectors navigate the Philippines’ evolving tax framework and stay ahead of the curve. I’m thrilled that our team, and ultimately our readers, will benefit from their input in this timely publication.”

The Report: The Philippines 2019 will mark the culmination of more than 12 months of field research by a team of analysts from Oxford Business Group. It will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments.

The Report: The Philippines 2019 will be produced with Reyes Tacandong & Co, the Management Association of the Philippines, the Philippine Chamber of Commerce and Industry, the Makati Business Club and V&A Law. It will be available online and in print.

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