Philippine Department of Finance Launches Nationwide Consultations on ProGRESS Tax Reform Bill, Including Global Minimum Tax

The Philippine Department of Finance has announced the launch of nationwide public consultations on the proposed Promoting Growth, Revenue, and Equity towards Socio-Economic Sustainability (ProGRESS) Bill. The key proposals include:

• Introducing a 15% Global Minimum Tax (GMT) on large multinational enterprises;
• Exempting micro and small enterprises from the minimum corporate income tax;
• Increasing the annual exemption threshold from PHP 250,000 to PHP 350,000 to increase the disposable incom…