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Philippines Highlights 2021 - Deloitte

Page 1 of 8 International Tax Philippines Highlights 2021 Updated March 2021 Recent developments For the latest tax developments relating to the Philippines , see Deloitte Investment basics Currency: philippine Peso (PHP) Foreign exchange control: Foreign currency may be bought and sold freely by residents (including foreign corporations operating in the Philippines ) and may be brought into or sent out of the country with minimal restrictions. Nonresidents also may hold foreign currency. Accounting principles/financial statements: IAS/IFRS apply.

: Philippine corporations generally are taxed at a rate of 25% as from 1 July 2020 (reduced from 30%), except for corporations with net taxable income not exceeding PHP 5 million and with total assets not exceeding PHP 100 million, which are taxed at a rate of 20%. The rate for ROHQs is 10% until 31 December 2021; thereafter, ROHQs will be taxed at

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