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The government has been tirelessly pushing to attract more investors for the Philippines to become more investment-friendly and more competitive with other ASEAN countries. To pursue this move, recent tax laws are trying to keep up with the digital world where convenience and simplicity of processes are paramount.

CMEPA’s basic objectives are to promote a fairer and simpler passive income tax system that will encourage savings and capital investment; to increase capital mobility in an ever-globalizing world; and to incentivize investment in the trade of equity and security debts.

In my research, I noted that various programmes that encourage private entities to help or assist in upgrading and modernising educational institutions in the Philippines have been instituted. In 1998, Republic Act (“R.A.”) No. 8525, otherwise known as the “Adopt-a-School Program”, was enacted.

With the Comprehensive Tax Reform Package (CTRP) unfolding one by one, it can be quite overwhelming for taxpayers to note the changes that will directly affect them. With the passage of the CREATE MORE Act (Republic Act No. 12066), the country moves closer to becoming more competitive by enhancing tax incentives to attract investors.

Philippine taxation has undergone significant changes with the enactment of several tax reforms in 2024. These reforms include the Ease of Paying Taxes Act (R.A. No. 11976), the Real Property Valuation Act (R.A. No. 12001), VAT on Digital Services (R.A. 12023), and the most recent CREATE MORE Act (R.A. No. 12066), which generally aims to modernize the current tax system, making it simpler, fairer, and more efficient.

In any social or professional collaboration, there may arise instances wherein there is a misinterpretation of certain facts, and in such cases, reconvening and circling back can prove to be one of the most efficient solutions.

Opportunities to correct past mistakes can be invaluable, whether in personal or business matters. In taxation, this right is particularly crucial as errors in documentation can lead to significant financial consequences for businesses.

It is true that certain things in this life are unavoidable, regardless of status. Benjamin Franklin once said that “In this world, nothing is certain except death and taxes.” That means, you still can’t escape paying taxes until you die.