The Philippines is making strides in complying with the Global Minimum Tax (GMT), an international tax rate designed to curb revenue loss and promote fair competition. In an important discussion yesterday, the Senate Ways and Means Committee and the Organization for Economic Co-operation and Development (OECD) examined how the country can integrate with this global change to improve its financial stability.
The meeting was hosted by Mon Abrea, founder and CEO of Asian Consulting Group (ACG), and was attended by Senator Win Gatchalian, Chairman of the Senate Ways and Means Committee; and John Peterson, Head of the OECD’s Cross-Border and International Taxation Division. Their discussion focused on the need to use GMT, especially since neighboring countries in Southeast Asia have taken steps to comply.
Senator Gatchalian, while noting the complexity of the GMT, reiterated his commitment to advancing reforms in the Philippines. He expressed his active role in negotiating with important government agencies such as the Department of Finance (DoF) and the Bureau of Internal Revenue (BIR), to ensure the passage of this important law. Mr. Gatchalian also expressed his intention to work with Mr. Abrea and the Asian Consulting Group (ACG), seeking their expertise to further study the Global Anti-Base Erosion (GloBE) laws in order to establish a law that will adopt and implement GMT Philippines.
John Peterson shared insights from the OECD, emphasizing that GMT is more than monetary policy; It represents a commitment to global justice and cooperation. The OECD reaffirmed its readiness to assist the Philippines in facing the challenges of this transition.
This collaborative effort marks an important step in the Philippines’ journey towards an equitable and internationally aligned tax system, ensuring that the country remains nationally competitive.
Spotlight is a BusinessWorld-sponsored feature that allows advertisers to grow their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld website. For more information, email online@bworldonline.com.
Join us on Viber for more updates and subscribe to BusinessWorld articles and get exclusive content via www.bworld-x.com.
Source link
