Senator Bam Aquino filed a bill to reduce VAT, and Vice Ganda has expressed her support. To help Filipinos cope with rising prices, Senator Bam Aquino proposed to lower VAT to cushion the effects, and Vice Ganda has this to say about it. Senator Bam Aquino filed a bill reducing VAT from 12% to 10%. This will … Read more
Sen. Loren Legarda Calls for Basket of Good News for Filipinos amid the “Crisis” LOREN LEGARDA – The Senator questioned the 12% VAT implemented in canned goods and sardines citing the same tax in luxury bags. The Philippines is currently under a State of National Energy Emergency as declared by President Bongbong Marcos amid the … Read more
Finance Secretary Ralph Recto has this warning. Reducing the value-added tax (VAT) rate to 10 percent from 12 percent would have this consequence, according to Finance Secretary Ralph Recto. Lowering the VAT rate from 12% to 10% may sound attractive, but the Department of Finance (DOF) cautions that it could greatly affect government revenues, fiscal stability, … Read more