Final Withholding Tax Updates for Prime Peso and USD Deposits Under CMEPA (RA 12214)

time deposits tax

Starting July 1, 2025, the rules on final withholding tax (FWT) for interest earned on both short- and long-term deposits are changing in the Philippines. This is due to the implementation of Republic Act No. 12214, or the Capital Markets Efficiency Promotion Act (CMEPA)—a new law aimed at simplifying the tax system and making the […]

New Philippine Check Writing Standards Take Effect July 2025

check writing

Starting July 1, 2025, banks in the Philippines will no longer accept checks that do not follow the updated format mandated by the Philippine Clearing House Corporation (PCHC). The updated design, introduced in May 2024, aims to reduce fraud and streamline check clearing through standardized formatting. While a transition period has allowed both old and […]

PEZA Incentives Under CREATE MORE: What Tax Professionals Need to Know

peza incentives create more

On June 25, 2025, the Tax Management Association of the Philippines (TMAP) held its June Tax Seminar at the Makati Diamond Residences, drawing in a full house of tax professionals, business leaders, and legal experts for an insightful afternoon focused on pressing tax and investment topics. One of the most relevant discussions? A deep dive […]

Capital Markets Just Got a Tax Makeover: What You Need to Know About RA 12214 (CMEPA)

cmepa law

Effective July 1, 2025, the Capital Markets Efficiency Promotion Act (CMEPA)—officially Republic Act No. 12214—goes live. And for the financial sector, that’s not just a footnote in tax law. It’s a game-changing shift in how capital income is taxed and how investments are encouraged in the Philippines. Passed to sharpen the country’s edge in global […]

Digital Transformation in the Philippines: The Rise of Cashless Payments

cashless payment

The Bangko Sentral ng Pilipinas just released its 2024 “Status of Digital Payments” report—and it’s a game‑changer. Digital transactions now make up 57.4 % of all retail payment volume, rising from 52.8 % in 2023. On the value side, e‑money claims 59 %, up from 55.3 % last year—surpassing the Philippine Development Plan’s target range of 52–54 %. Momentum & Milestones […]

Internet Transactions Act Now Live — What You Need to Know

internet transactions act

What’s New? Republic Act 11967—also known as the Internet Transactions Act (ITA)—has officially entered full effect as of June 20, 2025, concluding its 18‑month compliance lead time. This law empowers the Department of Trade and Industry (DTI) to: Why It Matters New Powers for Government & Platforms Private Sector Cheers Major players—Lazada, Shopee, Zalora, Foodpanda, Grab, […]

Can Philippine Tax Collections Keep Up With Its Growing Debt?

tax collection

As of 2024, the Philippines is sitting on a total debt pile of ₱16.05 trillion—about 60.7% of GDP. Of that, ₱5.14 trillion (USD 137.6 billion) is external debt. That means roughly 30% of our entire economy is owed to lenders abroad—from multilateral powerhouses like the ADB, World Bank, IMF to bilateral partners like Japan and […]

BIR Clarifies VAT Zero-Rating Confusion for Suppliers of EOEs & RBEs

vat zero rating

If you’re a local supplier dealing with Export-Oriented Enterprises (EOEs) or Registered Business Enterprises (RBEs), you know the drill: the constant back-and-forth, the refusal to honor VAT zero-rating certificates, or the demand for BIR confirmation. It’s a common headache that slows down transactions and creates unnecessary friction. But here’s the good news. The Bureau of […]

The Ultimate Guide to Agricultural Taxes in the Philippines

agriculture tax

In addition to being the foundation of the Philippine economy, agriculture is a growing industry that merits understanding, particularly with regard to taxation. This guide explains what you need to know about Philippine agricultural taxes, whether you’re an agribusiness owner, farmer, or just interested in the system’s operation. What’s the Percentage Tax on Agricultural Products? […]