SGV JBS joins ASEAN tax briefing

SGV’s Japan Business Services (JBS) team participated in an EY ASEAN tax webinar titled “Navigating COVID-19: Now. Next. Beyond.” on 27 May. Conducted in Japanese, the webinar discussed the tax implications of the pandemic in various countries. Over 400 Japanese executives and tax professionals from Japan and from ASEAN member states attended the briefing. JBS and Tax Associate Director Hiroshi Nakagawa presented the latest Philippine tax, finance and legal changes due to the COVID-19 pandemic, such as ECQ-related BIR issuances on tax exemptions, extended statutory deadlines, and tax audit and controversy measures. Hiro also gave a brief overview of the stimulus packages of various government organizations, including the Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth) and the Pag-IBIG Home Development Mutual Fund (HDMF). He also explained the government’s social amelioration program (SAP) and small business wage subsidy, including moratorium on loan payments and rent concessions for MSMEs.  

Title slide of the presentation at the SGV JBS webinar

Hiro also explained the salient features of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). He emphasized the Act’s corporate tax rate reduction and extension period.