THE FISCAL Incentives Review Board (FIRB) said it is fast-tracking the resolution of the issue on value-added tax (VAT) zero-rating for local purchases made by exporters.
This as exporters warned the failure to resolve the VAT zero-rating issue may force them to consider imports instead of local purchases, and even move their operations overseas.
In a statement sent to BusinessWorld, the FIRB said it formed a technical working group (TWG) on VAT “to evaluate the VAT zero-rating issues from an operational and legal standpoint.”
Source: bworldonline.com
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