Philippines to Implement Global Minimum Tax on Multinationals

The Philippines is planning to implement a 15% global minimum tax for large multinationals, the national tax authority says.

The Bureau of Internal Revenue has begun preparations for implementing a qualified domestic minimum top-up tax—one of three key rules under the global minimum tax framework, the tax authority said Thursday in a statement on Facebook.

A QDMTT allows a country to apply a 15% minimum tax domestically before other jurisdictions can claim it, ensuring corporations pay the levy domestically rather than abroad.

“As global tax rules evolve, we have to make sure that income earned in the Philippines remains ...