The Philippine Chamber of Commerce and Industry (PCCI) said that the imposition of value-added tax (VAT) on non-resident digital service providers creates a fairer competitive landscape for local businesses. In a statement, Enunina Mangio, PCCI president, said the recent signing of the VAT on...
President Marcos has signed into law Republic Act (RA) No. 12023 or the Value Added Tax (VAT) on Digital Services Law which imposes a 12-percent VAT on digital service providers (DSPs) to level the playing field for local providers and generate additional revenue that will be used to build more...
Senate President Francis “Chiz” Escudero expressed confidence that the bill imposing a 12-percent value-added tax (VAT) on digital transactions would shore up government coffers by at least P80 billion in revenues. Escudero said that this would level the playing field for local and foreign...
Senator Sherwin Gatchalian said he is certain that the Philippines would benefit from tourist arrivals in the upcoming holidays which could be in time for the enactment of the Value-Added Tax (VAT) refund for tourism. “I am hopeful that the measure will be enacted into law in...
Boracay, arguably the crown jewel of Philippine tourism The proposed measure that seeks to implement a value added tax (VAT) refund mechanism for non-resident tourists in a bid to encourage more spending is now one step away from becoming law. During...
(Unsplash) Hommittee on Ways and Means chairperson and Albay 2nd district Rep. Joey Salceda said he will push the House of Representatives to adopt the proposed Senate measure that seeks to implement a value added tax (VAT) refund mechanism for tourists to...
Up to now, Japanese investors mostly in the Philippines' manufacturing sector are still awaiting the refund of value-added tax (VAT) credits totaling P200 billion from the government, a chamber official said. Moving forward, Japanese firms in the country are "fully" supporting the passage of the...
Special Assistant to the President for Investment and Economic Affairs Frederick Go said the Philippines could still be Asia's "shopping hub" if the government implements an electronic visa (e-visa) and a value-added tax (VAT) refund scheme for foreign tourists. File photo Speaking to reporters in...
The Department of Finance (DOF) said that President Marcos will soon sign the law imposing value-added tax (VAT) on foreign digital service providers, such as Netflix. During a Senate Finance subcommittee hearing on Tuesday, Aug. 27, Finance Secretary Ralph G. Recto said the DOF and the Bureau of...
The Food and Drug Administration (FDA) issued an advisory on Friday, March 8, regarding the delisting of Covid-19 medicines and devices from the list of Value-Added Tax (VAT)-Exempt Health Products. Photo from Pixabay Among the delisted medicines are various treatments for Covid-19, including...
An additional list of 20 medicines, including those that treat cancer and hypertension, has been granted exemption from the 12 percent value-added tax (VAT). Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. has issued a memorandum that will exempt 12 medicines for cancer, four for...
Senator Sherwin Gatchalian on Sunday, February 25 urged drugstores and other pharmaceuticals to implement value-added tax (VAT) exemption on specific medicines for the benefit of consumers. This after the Food and Drug Administration (FDA) approved the addition of 22 more medicines, in...
