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AAMVA Products & Services Catalog Government Rate Schedule October 1, 2023 1 General Information 2 1.3 ABOUT THE RATE SCHEDULE All rates are effective through September 30th, 2024, and are subject to change thereafter with 30-days prior written notice.
May 6, 2010 · As used herein, a wage distortion shall mean a situation where an increase in prescribed wage rates results in the elimination or severe contraction of intentional quantitative differences in wage or salary rates between and among employee groups in an establishment as to effectively obliterate the distinctions embodied in such wage structure ...
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2. Sale of electricity subject to 12% VAT The sale of electricity, transmission by any entity, including the National Grid Corporation of the Philippines, and distribution companies, including electric cooperatives, shall be subject to 12% VAT. 3. VAT on sale and lease of real properties Beginning 1 January 2021, the VAT exemption shall only
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- Corporate Income Tax Adjustments
- Other Adjustments Involving Income Tax
- Other Adjustments Involving Value Added Tax
- Fiscal Incentives
- Vetoed Provisions
- Implications For Business in The Philippines
One of the significant reforms under the CREATE Act is the lowering of the corporate income tax rate from 30%, previously the highest in ASEAN region, to 20% for micro, small, and medium domestic enterprises and 25% for other corporate entities. However, the CREATE Act removed the exemption previously enjoyed by offshore banking units and increased...
Improperly Accumulated Earnings Tax (“IAET”) repealed – The 10% IAET imposed on improperly accumulated earnings (i.e., earnings and profits accumulated instead of being divided or distributed) was...The Home Development Mutual Fund is included in the list of government corporations/instrumentalities exempt from income tax.Interest Arbitrage Rule adjusted – The amount of interest expense that may be claimed as a deduction from the taxable income will be accordingly adjusted in light of the new corporate tax rates. If...New VAT Exempt Transactions – in addition to the existing list of VAT exempt transactions, the following transactions shall likewise be VAT exempt:
The CREATE Act introduced a new separate title on fiscal incentives. The CREATE Act mandates the Fiscal Incentives Review Board (“FIRB”) to exercise, among others, policy making and oversight functions on the administration of tax incentives. As such, the FIRB has the power to approve or disapprove the grant of tax incentives. However, for projects...
The Philippine President vetoed the following provisions in the bicameral version of the CREATE Bill: Proposed increase in the VAT-exempt threshold on sale of real properties 1. 90-day period for the processing of general tax refunds 2. Definition of “investment capital” for purposes of availing fiscal incentives 3. Redundant incentives for domesti...
It is imperative for taxpayers to be aware of the changes introduced by the CREATE Act to ensure proper and timely tax compliance. In addition, business enterprises may consider the foregoing reforms during tax planning to maximise potential tax efficiencies. The expanded tax-free exchange provision under Section 40(C)(2) of the Tax Code is also an...
Schedule of Vehicle Importation Fees [Docket No. NHTSA–2022–0081] This document proposes fees for Fiscal Year (FY) 2023 and future FYs relating to the registration of importers and the importation of motor vehicles not certified as conforming to the Federal motor vehicle safety standards (FMVSS).
The American Association of Motor Vehicle Administrators (AAMVA) is a tax-exempt, nonprofit organization developing model programs in motor vehicle administration, law enforcement, and highway safety. The association also serves as an information clearinghouse in these areas and acts as the international spokesperson for these interests.
The definition of MAGA in the 2022 IRR excludes the regulatory acts of the executive branch, and acts of the legislative and judicial branches of government from the scope of MAGA. This was interpreted to transfer regulatory risk and change-in-law risk to the private sector partner.
