The Philippines is working with the International Monetary Fund (IMF) in conducting a study aimed at addressing the low value-added tax (VAT) efficiency in the country. DOF Secretary Benjamin Diokno (Noel B. Pabalate) Finance Secretary Benjamin Diokno disclosed this on Tuesday, May 30, following a...
Senator Jinggoy Ejercito Estrada has called on lawmakers to consider legislating a value-added tax (VAT) refund mechanism for foreign tourists to boost visitor arrivals in the Philippines. Estrada said granting a rebate of the 12 percent VAT on goods they bought from the country, similar to...
Exporters and the Philippine Economic Zone Authority (PEZA) said the revised rules on value added tax (VAT) zero rating on the local purchases of goods and services of exporters are expected to boost investor confidence in the country. PEZA Director General Tereso O. Panga said following the release...
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...
The Department of Finance (DOF) has clarified that there is no double taxation in the imposition of value-added tax (VAT) in the electric power sector. Reacting to recent statements made by the Energy Regulatory Commission (ERC), Finance Secretary Carlos G. Dominguez III explained that the Electric...
Local fishers were left with no choice but to look for alternative jobs apart from fishing amid the continuous fuel cost hike in the Philippines. A fisherman in Cavite (Manila Bulletin File Photo) Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) National Chairperson Fernando...
The Department of Finance (DOF) wants large foreign digital service providers (DSP) to remit to the Bureau of Internal Revenue (BIR) the value-added tax (VAT) in transactions that go through their platforms. Finance Director Euvimil Nina R. Asuncion said the DOF supports House Bill (HB) No. 7425...
Presidential candidate Senator Panfilo ‘Ping’ M. Lacson on Monday, March 14 said a Lacson presidency would rather focus on improving revenue collections by eliminating corruption to avoid encumbering Filipinos with more expenses than they could shoulder rather than raising taxes. “New tax...
Makabayan coalition senatorial candidate Neri Colmenares praised the removal of value-added tax (VAT) from water bills of the Manila Water Company and Maynilad Water Services, but at the same time stressed the need for the same relief when it comes to fuel and electricity. Makabayan coalition...
The House of Representatives on Tuesday, Sept. 21 approved on third and final reading a bill that will impose value added tax on all digital and electronic transactions for goods and services. Netflix logo With 167 affirmative and six negative votes, House Bill 7425 was approved on final reading....
EDITOR’S NOTE: This is an article from Charlie A. V. Gorayeb, national chairman of CREBA (Chamber of Real Estate & Builders’ Associations, Inc.) The Chamber of Real Estate & Builders’ Associations, Inc. (CREBA) has appealed anew for immediate government intervention against the...
