Tag page - value added tax (VAT)

A move is underway in the Senate to lower the value-added tax (VAT) imposed on purchased goods and services. Under Senate Bill No. 1552 filed by Senator Erwin Tulfo, Section 106 of the National Internal Revenue Code would be amended to bring down the current 12 percent VAT to 10 percent. The...

President Marcos’ chief economic manager stated that reducing the current 12-percent value-added tax (VAT) rate could weaken the government’s ability to fund operating expenses, such as personnel wages, as it would result in lower tax collections. Finance Secretary Ralph G. Recto said in an...

The Philippine Rural Electric Cooperatives Association, Inc. (PHILRECA) has expressed its support for the proposal to eliminate the multiple value-added tax (VAT) on electricity, which is expected to result in lower power rates for consumers. In a statement on Thursday, May 22, PHILRECA said the...

Photo from Pixabay The Food and Drug Administration (FDA) has issued an advisory announcing the inclusion of additional medicines for cancer, diabetes, and mental health in its list of products exempt from value-added tax (VAT). In its advisory released on Monday, Nov. 25, the FDA explained the new...

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...