Reyes Tacandong & Co. signs first-time MoU with Oxford Business Group
Credit to Author: The Manila Times| Date: Sun, 10 Mar 2019 16:18:54 +0000
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regime will mean for foreign firms located in the country’s Special Economic Zones, where key incentives are set to be withdrawn.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 percent is expected to have, especially on smaller-scale entities.
Other aspects of the reforms covered include the country’s plans to digitalize 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, Chief Operating Officer Protacio “Cocoy” Tacandong 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.
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