Philippines MOF Releases Information on Refined, Proposed Package 4 of the Comprehensive Tax Reform Program

The Philippine Department of Finance March 14 released information on refined, proposed measures for Package 4 of the Comprehensive Tax Reform Program (CTRP), part of its proposed priority tax reform measures. The Package 4 measures are intended to simplify the tax structure on passive income, and for financial intermediaries, products, and transactions. The refined Package 4 proposal includes measures to: 1) harmonize interest income tax at 20 percent in 2024; 2) harmonize and reduce royalties to 15 percent in 2028; 3) harmonize dividend income tax at 10 percent in 2028; 4) progressively reduce stock transaction tax annually by 0.1 percent, ...