A BILL seeking to exempt key commodities from value-added tax (VAT) carries the risk of weakening the peso by calling into doubt the government’s capacity to meet its obligations, a senior legislator said.
Mr. Salceda was responding to the Makabayan bloc-sponsored House Bill 5504, which seeks to remove VAT sales of basic food commodities like bread, canned goods, instant noodles, biscuits, sugar, oil, salt, candles and drugs.
Source: bworldonline.com
Latest Posts in "Philippines"
- BIR Grants VAT Exemption to Indigenous Natural Gas and Related Power Generation Transactions
- BIR Issues Guidelines for VAT Exemption Under Natural Gas Industry Development Act
- Quimbo: Suspending VAT on Fuel Unlikely, Warns of Revenue Loss and Limited Consumer Benefit
- Philippines Proposes Lower VAT Rate, Exempting Luxury and Harmful Goods
- Philippine Senate Proposes Automatic Suspension of Fuel VAT, Excise Taxes During Oil Price Surges
