All persons, natural or juridical, local or foreign who have existing contracts with the government, its departments, bureaus, offices and agencies, SUCs, GOCCS, government financial institutions, and LGUs for the supply of goods and services including infrastructure projects, shall secure from the BIR and updated tax.
The purpose of this MOA is to strengthen and expand, if necessary, the membership and working relationship of the "BIR Multi-Sectoral Working Group" whose primary objective is to engage in regular dialogues and consultations, to provide guidance and advise on the drafting of Revenue issuances as well as to facilitate and ensure compliance by the business sector.
Foreign direct investment (FDI) net inflows in July 2024 increased by 5.5 percent year-on-year to reach US$820 million from the US$778 million net inflows recorded in July 2023. The improvement in FDI was driven by higher net inflows across all components. Nonresidents' net investments in debt instruments rose by 2.7 percent to US$610 million from US$594 million.
The Philippines, in partnership with the United Nations Office for Disaster Risk Reduction, will host the 10th Session of the Asia-Pacific Ministerial Conference on Disaster Risk Reduction (APMCDRR) on 14 to 18 October 2024 at the Philippines International Convention Center (PICC) in Manila, with the theme, "Surge to 2030: Enhancing Ambition in Asia-Pacific to Accelerate Disaster Risk Reduction."
This law ensures fair tax treatment for all digital businesses in the Philippines and is expected to boost revenue collection for national development. The law requires foreign digital service providers (DSPs) with gross sales over PHP 3 million to register for VAT and appoint a local agent for compliance.
The Bangko Sentral ng Pilipinas (BSP) estimates that inflation for September 2024 will fall between 2.0% and 2.8%. Key factors contributing to this downward pressure include negative base effects, reduced prices for food items such as rice, meat, and vegetables, lower domestic oil prices, and a stronger peso.
The Securities and Exchange Commission (SEC) is now offering non-compliant, delinquent, and suspended/revoked corporations a new opportunity to restore their good standing through the Enhanced Compliance Incentive Plan (ECIP). This program will be available until November 30, 2024.
