BEPS Pillar Two: Impact on Philippine companies

AS global tax reforms advance, the Organization for Economic Cooperation and Development's Pillar Two initiative is reshaping the tax landscape for multinational enterprises worldwide. In response, in November 2023, the Philippines became a member of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting to uphold tax fairness and protect the country's tax base from aggressive tax avoidance schemes.

Thus, even without adopting Pillar Two, the Philippine companies benefiting from such incentives could still be liable for top-up taxes.Both Philippine-headquartered MNEs and subsidiaries of foreign MNEs will need to support the broader group's compliance. They need to start preparing a host of data for BEPS Pillar Two calculations. Global Anti-Base Erosion compliance requires around 110 core data to calculate the jurisdictional ETR.

इंडिया ताज़ा खबर, इंडिया मुख्य बातें

Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।

Evolving IoT security risks, impact on business continuityARTIFICIAL intelligence (AI) is beginning to merge with Internet of Things (IoT) devices, creating what is known as AIoT. The integration of AI into IoT assets enables them to collect, analyze and act on data autonomously. In a typical IoT setup, connected devices (like sensors) gather and send data to be processed, often by centralized systems.
स्रोत: TheManilaTimes - 🏆 2. / 92 और पढो »