Mar 142016
 

“I love the Philippines, I Pay My Taxes Right. It’s easy as RFP.” This was the tax campaign theme of the Bureau of Internal Revenue (BIR) launched in 2014. According to the BIR, the concept of love for the country was carried in the RFP campaign. RFP stands for Register, File and Pay which captures the basic steps that a taxpayer should follow to be able to comply with his obligation of “paying right taxes” for nation building. Failure to comply may result in significant financial consequences on the taxpayer, with imprisonment as a worst case.

Mar 132016
 

In previous weeks, we discussed the various Action Plans issued by the Organisation for Economic Co-operation and Development (OECD) resulting from the work done for the Base Erosion and Profit Shifting (BEPS) initiative. This week, we focus on Action Plan 11. Unlike the other Action Plans which seek to address specific causes or sources of BEPS, Action Plan 11 seeks to measure the fiscal and non-fiscal consequences of BEPS, and to monitor the implementation of the OECD’s recommendations to curb aggressive tax planning strategies which result in the artificial shifting of profits.