The Philippines Department of Finance issued a release on 24 June 2021 announcing the country's removal from the OECD list of harmful tax regimes following the tax reforms introduced by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. The removal is the result of the elimination of the preferential tax rate for regional operating headquarters from 1 January 2022.
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DOF succeeds with PHL removal from OECD list of 'harmful tax regimes'
The provisions in the Corporat…