Arangkada Philippines Convenes Government, Business Stakeholders to Advance Tax Certainty
Businesses need greater clarity and consistency in the implementation of rules governing cross-border services, stakeholders said during a policy dialogue on Revenue Memorandum Circular (RMC) No. 5-2024 held August 19 at the Asian Institute of Management (AIM).
The dialogue, “Clarifying Policy to Practice: A Stakeholder Dialogue on RMC No. 5-2024 and Emerging Tax Compliance Challenges,” was convened by Arangkada Philippines, with R.G. Manabat & Co. (KPMG in the Philippines) and SyCipLaw as co-presenters, bringing together representatives from the Bureau of Internal Revenue (BIR), Department of Finance (DOF), Presidential Legislative Liaison Office (PLLO), business community, tax and legal professions, and academe.
RMC No. 5-2024 has practical implications for companies providing or receiving services across borders, including tax treatment, documentation, reporting, contracts, and internal compliance systems. Stakeholders discussed how clearer implementation can help businesses meet their obligations while providing greater predictability for investment and business decisions.
From Policy to Practice
Mary Karen E. Quizon-Sakkam, Partner (Tax) at R.G. Manabat & Co. (KPMG in the Philippines), provided an overview of the policy direction and developments surrounding RMC No. 5-2024, while Carina C. Laforteza, Senior Partner and Head of Tax at SyCipLaw, discussed its practical implications for businesses.
The discussion was moderated by Felicisimo Agas III, Partner at Quisumbing Torres, and featured Joanna Marie O. Joson of SyCipLaw, Paolo A. Martinez of the Asian Institute of Management, Undersecretary Christian Dy of PLLO, Assistant Secretary Euvimil Nina R. Asuncion of DOF-ROG, and Deputy Commissioner Larry Barcelo of the BIR.
The discussion highlighted the importance of translating tax policy into clear and consistent implementation, particularly as companies assess compliance requirements and the potential impact of tax treatment on cross-border transactions.
Tax Certainty and Investment
For the Joint Foreign Chambers of the Philippines (JFC), tax certainty is an important component of the investment environment, affecting how companies plan operations, structure transactions, and make investment decisions.
The JFC brings together the American, Canadian, European, Japanese, and Korean Chambers of Commerce and PAMURI, representing more than 3,000 member companies across the Philippine economy.
“Arangkada serves as a vital bridge between government and business, creating a platform where practical policy concerns can be openly discussed and translated into clear, actionable implementation that supports both compliance and competitiveness,” said Arangkada Project Director Matthew Scalin.
He emphasized that Arangkada’s role extends beyond convening discussions, with continued engagement and follow-through needed to ensure that policy concerns raised by the business community translate into concrete action.
The dialogue forms part of Arangkada Philippines’ continuing efforts to facilitate substantive government-business discussions on policies affecting investment and competitiveness. Arangkada will consolidate the issues and recommendations raised and pursue appropriate follow-through with relevant government agencies and stakeholders.
About Arangkada Philippines
Arangkada Philippines is an advocacy initiative of the Joint Foreign Chambers of the Philippines (JFC) focused on promoting reforms that strengthen the Philippines’ investment climate, competitiveness, and sustainable economic growth.
Photos
Stakeholders from the government, business, and legal sectors discuss the practical implications of Revenue Memorandum Circular (RMC) No. 5-2024 on cross-border transactions during the Arangkada Philippines policy dialogue held August 19 at the Asian Institute of Management.
Participants, speakers, and organizers gather at AIM for the Arangkada Philippines policy dialogue on Revenue Memorandum Circular (RMC) No. 5-2024, highlighting collaborative efforts between government and business stakeholders to promote tax certainty and investment competitiveness.
Media Contact:
Josephine Grace Mirafuentes
Advocacy Partnerships and Communications Manager
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Participants, speakers, and organizers gather at AIM for the Arangkada Philippines policy dialogue on Revenue Memorandum Circular (RMC) No. 5-2024, highlighting collaborative efforts between government and business stakeholders to promote tax certainty and investment competitiveness.
Media Contact:
Josephine Grace Mirafuentes
Advocacy Partnerships and Communications Manager