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The Asia-Pacific Economic Cooperation promotes free and open trade and investment thereby increasing competition throughout the Asia-Pacific region. This makes it an opportune time to offer an attractive business environment to foreign investors.

The presumption of regularity afforded to the revenue examiners in the assessment of taxes and the vested power of the Bureau of Internal Revenue (BIR) to unilaterally determine any deficiency tax make the playing field in the Philippine Tax System unevenly matched.

The Asia Pacific region is one of huge diversity; culturally, geographically and economically. Japan is a world leader in the automotive and technology sectors and a member of the G7. Singapore is a global financial centre that rivals London and New York. And Australia and New Zealand are sometimes considered as a region in their own right.

We have been expecting for a couple of months now the Asia-Pacific Economic Cooperation (APEC) meeting which shall be held tomorrow. The government has been prepping more than ever. It is all over the news how the authorities plan the use of the streets to pave the way for the arrival of guests.

Recently, there are movements with various groups advocating for the immediate adjustment of the 19 years old tax reform in the Philippine Tax System. The tax reform movements are lobbying for the bracket on individuals’ earnings and reducing the existing income tax rate both for individuals and businesses to a more reasonable and competitive rate.

F&B companies are using international expansion to chase profits globally.

The way in which companies markets and sells its services can also have tax implications. Therefore, one thing is clear – tax matters, and ambitious tech companies need to develop a tax strategy that can keep pace with their growth aspirations. Shifts in attitudes and increased scrutiny The climate for what is considered acceptable in tax planning has shifted considerably over recent years. Technology firms – especially large multinationals – have suffered their fair share of criticism. Negative PR can hurt technology giants, but it has an even greater impact on firms still expanding and building their reputations. And tech companies are not just risking their reputations when it comes to tax. The OECD's base erosion and profit shifting (BEPS) project is creating new rules to outlaw and penalise artificial tax avoidance strategies. The project aims to address inconsistencies between different jurisdictions in their approach towards transfer pricing. The first action in its plan is to "address the tax challenges of the digital economy" – including where and how to tax new digitally enabled business models.