Tax take from net incomes and profits, which accounts for the bulk of the BIR’s yearly collection, is seen dropping to P786.8 billion this year from P1.15 trillion in 2019.
For Macao residents, double taxation will be avoided by way of exemption of the income taxed in Hong Kong from the Macao tax, or by crediting the Hong Kong tax paid against the Macao tax payable in respect of the same income.
Pillar One addresses taxing-rights allocation, profit allocation and nexus rules. In particular, it examines how to tax large multinationals that generate profits where they don’t have a traditional tax presence.
To help individuals and organisations increase digital acumen and upskill, PwC Singapore is releasing, "Digital Fitness for the World" learning app to the public for free from 8 June 2020