Philippines Bureau of Internal Revenue Issues Final Regulations for Implementation of CREATE Act for Withholding Tax, VAT, and Income Tax

The Philippines Bureau of Internal Revenue (BIR) published final revenue regulations for the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act (Republic Act No. 11534), which was signed into law on 26 March 2021 and took effect on 12 April 2021. The final regulations are in line with the draft versions reported on earlier, and include:

• Revenue Regulations No. 2-2021 on withholding tax and passive income changes;
• Revenue Regulations No. 4-2021 on VAT a…