The Korean Chamber of Commerce Philippines (KCCP), in cooperation with SGV’s Korean Business Network (KBN) and the Philippine National Bank (PNB) organized a webinar titled Economic Outlook, CREATE and other Tax Updates. Tax Partners Josenilo G. Mendoza (JGM), Cheryl Edeline C. Ong (CCO) and Reynante M. Marcelo (RMM) participated in the webinar to discuss the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) and transfer pricing regulations. Other speakers included representatives from PNB and the Tourism Infrastructure and Enterprise Zone Authority (TIEZA).
KCCP President Ho Ik Lee delivered the opening remarks and welcomed representatives from member companies of the KCCP. PNB Chief Executive Officer and President Wick A. Velasco opened the discussion of PNB Vice President and Head of Research Alvin Arogo, who provided an overview of the economic outlook of the Philippines amidst the COVID-19 pandemic. TIEZA representatives, Janeth Ocampo and Cate Sta. Clara, then discussed the tourism investment opportunities and relevant areas of the tourism infrastructure project.
SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) began the next session, with a message emphasizing the importance of being updated on the newly issued regulations. JGM and CCO then discussed the CREATE Act’s salient features, particularly the income tax rates to be used by domestic and foreign corporations. They also covered other corporate tax adjustments, Bureau of Internal Revenue (BIR) issuances and the rationalization of fiscal incentives, such as the incentives available to investors and transitory provisions for existing registered activities.WPT during his video message at the webinar
RMM then led the discussion on transfer pricing regulations and explained the Transfer Pricing Audit Guidelines under Revenue Audit Memorandum Order No. 1-2019 as well as the forms and documentation required by the BIR. At the end of the session, the SGV KBN team sent electronic copies of the Korean translation of the SGV Tax Bulletin to the participants. The bulletin discusses the important provisions and updates under the CREATE Act.SGV Partners with the other speakers at the webinar
SGV Assurance Partner Alvin M. Pinpin (AMP) led the webinar’s organizing team with other members of the SGV KBN team, Manager Roweena Jane Neri and Senior Associate Franchezka Bhea Belarmino.