PH, Japan partnership grows

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The Japan-Philippines Economic Partnership Agreement (JPEPA) has increased trade and investments between the two nations, according to Department of Trade and Industry (DTI). The agreement also helped Japanese companies in expanding overseas using Philippine human resource pool. A recent meeting between the two countries showed encouraging progress in resolving issues like the Import Clearance Certificate (ICC), the auto industry incentives, the retroactively imposed VAT refund procedures, the power supply situation for 2015, and the current state of the Manila ports. Also discussed were the harmonization of national tax incentives and local taxes, application procedures of reduced tax rates under the bilateral tax treaty, taxes on foreign maritime transport services, additional surcharges introduced by Subic Bay Metropolitan Authority (SBMA), promotion measures for utilization of the Batangas and Subic ports and deregulation to establish the Philippines a Human Resource Development (HRD) hub.

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