The Philippines’ tourism industry will experience a boost once the proposed implementation of the value-added tax (VAT) refund program for foreign tourists is implemented, Sen. Sherwin Gatchalian said on Friday, February 17. Gatchalian, chairman of the Senate Committee on Ways and Means, said he...
The proposed Value-Added Tax (VAT) Refund Program for foreign tourists has moved forward in the House of Representatives. Albay 2nd district Rep. Joey Salceda (left) and President Ferdinand "Bongbong" Marcos Jr. (Facebook) This, after the Albay 2nd district Rep. Joey Salceda-led Committee on Ways...
The Value-Added Tax (VAT) Refund Program for foreign tourists, which was recently approved by President Ferdinand R. Marcos Jr., is a welcome development. The program, which is set for implementation in 2024, is among the proposals the Private Sector Advisory Council (PSAC) presented to Marcos to...
Several senators on Monday, January 30 said they are amenable to the government's move to grant Value-Added Tax (VAT) refunds to foreign tourists but stressed the need for public consultations on the matter. Senator Nancy Binay said she welcomes President Ferdinand “Bongbong” Marcos Jr.’s...
President Ferdinand "Bongbong" Marcos Jr. has approved the recommendation to implement the Value-Added Tax (VAT) Refund Program for foreign tourists by 2024 to boost tourist arrivals in the country. TOURISTS enjoy the sunset at world-famous Boracay Island in Malay town, Aklan province. (Tara Yap)...
The Bureau of Internal Revenue (BIR) said value-added taxpayers are no longer required to file the return on a monthly basis starting this month. Bureau of Internal Revenue The new schedule was contained in Revenue Memorandum Circular (RMC) No. 5-2023 which implemented Section 37 of Tax Reform for...
The Bureau of Internal Revenue (BIR) has simplified the filing of value-added tax (VAT) return to make it easier for the taxpayers. Instead of monthly submission of the return, VAT-registered taxpayers are now obliged to submit it on a quarterly basis. Previously, VAT taxpayers filed the income...
Puwersa ng Bayaning Atleta (PBA) Party-list Rep. Migs Nograles is pushing for increased tax exemption for imported sporting gear and equipment. PBA Party-list Rep. Migs Nograles (Facebook) “We have to invest in the health of our people by encouraging them to have a very active lifestyle," said...
The Department of Finance (DOF) clarified that the imposition of value-added tax (VAT) on digital transactions only aims to ensure that everybody pays his fair share of taxes. Finance Secretary Benjamin E. Diokno said the proposed VAT on electronic or digital services does not impose new taxes,...
The House of Representatives has overwhelmingly approved on third and final reading House Bill (HB) No.4122, which aims to impose a 12 percent value-added tax (VAT) on foreign digital service providers (DSP), such as Netflix and Spotify. (Ellson Quismorio/ MANILA BULLETIN) The measure's passage...
President Ferdinand "Bongbong" Marcos Jr. has asked the House Committee on Ways and Means chairman to study the possibility of removing the 12 percent value-added tax (VAT) component of public utilities, especially electricity. Albay 2nd district Rep. Joey Salceda This was revealed by the committee...
Imposing value-added tax (VAT) on non-resident digital service providers (DSPs) would only mean higher subscription payments for consumers, Gabriela Partylist Arlene Brosas said on Thursday, Aug. 18, as she thumbed down the recently approved legislation that taxes digital services and products....
