Economy
BIR Orders IEMOP to Withhold 2% on Genco Remittances
The Philippine Bureau of Internal Revenue (BIR) has ordered the Independent Electricity Market Operator of the Philippines (IEMOP) to withhold 2% from remittances to generation companies for electricity sold through the Wholesale Electricity Spot Market (WESM). This move aims to streamline tax collection and reduce the burden on market participants.
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