PH tax reform may hurt BPO industry
Colliers International, a property consultancy firm, has warned of the adverse impact on the country’s business process outsourcing (BPO) industry following possible tax reforms. Colliers noted that several tax measures that intend to help the Philippine government bolster revenues and eventually fund its ambitious infrastructure development program have been forwarded to Congress. Among the measures sponsored by the Department of Finance (DOF) is the rationalization of fiscal incentives awarded to foreign outsourcing firms operating in the country, which is expected to reduce tax perks enjoyed by the BPO industry. The first package of the DOF-sponsored tax reform program includes the removal of value added tax exemption on BPOs’ sales and imports.
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