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...
Senator Juan Edgardo “Sonny” Angara on Thursday, February 22 welcomed the Food and Drug Administration’s (FDA) latest approval of 20 new drugs that will be exempted from the value added tax (VAT). Angara said this means more Filipinos who are suffering from cancer, hypertension,...
The Food and Drug Administration (FDA) has updated the list of value-added tax or VAT-exempt drugs for various critical conditions, such as hypertension, cancer, mental illnesses, tuberculosis, kidney diseases, diabetes, and high cholesterol. (FDA) Under Republic Act 11534, effective immediately...
Department of Health (DOH) Secretary Teodoro Herbosa expressed appreciation for the Bureau of Internal Revenue's (BIR) removal of value-added tax (VAT) on 21 medicines, including those for cancer, diabetes, hypertension, and tuberculosis (TB). (DOH) "I welcomed that because these are the drugs that...
Some of the tax measures that President Ferdinand “Bongbong” Marcos Jr. is pushing may face rough sailing in the Senate, Sen. Francis “Chiz” Escudero said on Thursday, July 27. Some of these tax measures, Escudero said, may even be blocked, especially if they will cause misery to an already...
Senator Sherwin Gatchalian said he is optimistic that the Philippines has the potential to boost its reputation as a shopping destination. Sen. Sherwin Gatchalian (Senate PRIB Photo) This, once the proposed measure...
Senator Sherwin Gatchalian on Wednesday, June 14 said he is optimistic that the bill seeking to provide a value added tax (VAT) refund for non-resident tourists would be would approved on third and final reading by the Senate when it resumes regular sessions next month. Gatchalian, chairman of the...
