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Daily Tax Report: International

Philippines Gazettes Law Establishing Tax Exemptions, Incentives for Health Workers, Corporations Due to Coronavirus (Corrected)

Sept. 18, 2020, 5:00 AM; Updated: Sept. 21, 2020, 6:14 PM

The Philippine Official Gazette Sept. 14 published Republic Act No. 11494, establishing tax exemptions and incentives for health workers and corporations due to the coronavirus pandemic. The law includes measures: 1) exempting income, VAT, excise, document recording, withholding, and donor tax on special risk allowances and compensation for health workers in case of death or illness, effective retroactively from Feb. 1; 2) exempting taxes on the manufacture and import of protective equipment; 3) eliminating restrictions on the related-party transactions for a list of corporations and institutions; 4) exempting stamp duty on loan terms and restructures extended until Dec. 31; 5)...

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