Looking Back: 2021 and Gazing Into: 2022
Looking Back: 2021
As the country continues to recover from the effects of the COVID-19 pandemic, the Philippine government focused on enacting laws and regulations that will facilitate the growth of the economy while balancing against the effects of the COVID-19 pandemic. These measures include: (i) quarantine measures to minimise the transmission of COVID-19; (ii) measures to facilitate disclosures with government agencies; (iii) measures to facilitate doing business in the Philippines; and (iv) rules and regulations for the administration of COVID-19 vaccines.
There have also been developments in the area of corporation law for more transparent beneficial ownership of shares of stock and more efficient business registration. The Tax Code was also amended to reduce corporate income tax rates in the Philippines.
Gazing Into: 2022
Towards the end of 2021, the Philippine Congress passed an Act amending the Retail Trade Liberalization Act. The Act lowered the required paid-up capital for foreign retail enterprises to encourage foreign investors to engage in retail trade in the Philippines.
On 22 September 2021, the President signed into law an act imposing taxes on Philippine Offshore Gaming Operations. Value-added tax is now imposed on sales to offshore gaming licencees. A gaming tax of 5% on services rendered by offshore gaming licencees is also imposed.
In addition, the following key trends and/or developments in the following areas are to be noted:
- improvements in the monitoring of COVID-19 transmissions and vaccinations through the Vaccine and Health Passport Program Act;
- imposition of strict penalties on prohibited acts concerning the use of bank accounts, e-wallets, and other financial accounts through the Bank Account, E-Wallet, and Other Financial Accounts Regulation Act;
- allowing the conduct of videoconferencing with respect to remote appearance from persons outside the Philippines;
- amendments to and modernisation of the Intellectual Property Law; and
- adoption of global standards of data privacy protection.
Full Report
Click on the link below for the full report which provides summaries of the key legal developments related to the above areas.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice
