Q: Are there any additional tax

requirements for foreign businesses

registered in the Philippines?
There are NO additional tax compliance requirements for foreign
businesses, but there may be additional tax filings that are unique to foreign
entities. An example is the branch profit remittance tax on profits remitted
by a Philippine Branch to its Head Office.

Q: What happens if we don’t comply with

the mandated accounting/bookkeeping
requirements?
The SEC and BIR can impose penalties for failure to submit financial
statements and tax returns on time. While the exact fines and penalties vary
on a case to case basis, complying with basic accounting/bookkeeping
requirements is always a good idea.

Thanks for reading this article on frequently asked questions for

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