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BEPS Pillar 2: What now in ASEAN and what's next for the Philippines
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BEPS Pillar 2: What now in ASEAN and what's next for the Philippines

Digitalization in the 21st century brought with it several challenges to the rules for taxing international business income, which gave rise to base erosion and profit shifting (BEPS), in which multinational entities (MNEs) shift profits to locations with minimal or no tax to pay a reduced amount of taxes globally.
The article from BusinessWorld discusses the implications of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar 2 for ASEAN countries, particularly focusing on the Philippines. BEPS Pillar 2 aims to ensure that multinational enterprises (MNEs) pay a minimum level of tax on their profits, introducing a global minimum tax rate of 15%. For ASEAN nations, this presents both challenges and opportunities. Countries like Singapore and Malaysia have already moved towards implementing these rules, while others like Indonesia and Vietnam are still in the process of aligning their tax systems. The Philippines, which has not yet committed to Pillar 2, faces the risk of losing tax revenue if it does not adopt these rules, as MNEs might shift profits to jurisdictions with lower tax rates. The article suggests that the Philippines needs to consider its strategic response, potentially involving legislative changes, to safeguard its tax base and remain competitive in attracting foreign investment. It also highlights the need for ASEAN countries to coordinate their tax policies to prevent tax competition that could undermine regional economic stability.

Read the Full BusinessWorld Article at:
[ https://www.bworldonline.com/economy/2025/01/27/649361/beps-pillar-2-what-now-in-asean-and-whats-next-for-the-philippines/ ]