Jun 032013
ON MARCH 29, 2013, Republic Act (RA) 10378, “An Act Recognizing the Principle of Reciprocity as Basis for the Grant of Income Tax Exemptions to International Carriers,” took effect. The law touches on the tax treatment of international air carriers having landing rights in the Philippines. Many sectors have lobbied for this reform claiming the legislation has long been overdue. The business community is optimistic that the new law will aid in the movement of passenger, goods and commodities and encourage investments in the Philippines in line with the government’s thrust of improving the economy.