The Philippines Moves on to Corporate Tax Reform

With the recent enactment of legislation primarily focused on personal tax and value added tax reform, the Philippines Department of Finance (DOF) is now switching its focus to corporate tax reform as part of the country's broader Comprehensive Tax Reform Program (CTRP). According to a 9 January 2018 release, the second package of the CTRP will focus on reducing corporate tax rates while rationalizing fiscal incentives. This includes a reduction in the corporate rate from 30% to 25% and chan…