Promoting a Green Economy through Green Tax Incentives

In 2016, the Philippines took a significant step towards sustainable development with the passage of Republic Act No. 10771 or the Philippine Green Jobs Act. This groundbreaking legislation promotes the creation of green jobs by providing tax incentives to businesses which contribute to environmental sustainability in economic development.

In line with this, the Bureau of Internal Revenue (BIR) issued Revenue Regulation 05-2019 specifying tax deductions and incentives for businesses offering green jobs and eco-friendly practices. In addition, the Bureau of Customs (BOC) is also mandated to exempt the importation of capital equipment used in the promotion of green jobs from payment of duties and taxes.

Continue reading

Build Your Business - Business Registration in the Philippines

New Year, New Venture: Your Roadmap to Successful Business Registration in the Philippines

The process of registering a business in the Philippines requires a methodical approach involving various entities such as the Securities and Exchange Commission, Department of Trade and Industry, Bureau of Internal Revenue, and local government units. This guide simplifies and consolidates the intricate steps in business registration, ensuring that all key considerations in establishing a smooth and legally compliant business are tackled.

Continue reading