- CAVITE Representative Francisco Barzaga filed a bill to abolish the 12 percent value added tax, calling it regressive and unjust to all people regardless of their economic status
- Barzaga argues that unlike other taxes requiring certain wealth levels, VAT affects everyone including the poor, and believes radical change is needed to support Filipino people
- House Bill 5119 proposes replacing VAT revenue through increased excise taxes on luxury items like automobiles, alcohol, sweetened beverages, and gambling activities
- The bill also includes new taxes on digital transactions, e-commerce, streaming services, online advertisements, and enhanced wealth taxation for ultra-rich individuals
- Additional revenue sources include environmental taxes on plastic and carbon, improved property tax administration, and closing corporate tax loopholes to strengthen enforcement
Source: msn.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Philippines"
- Philippine Court Voids VAT Assessment for Lack of Annexes, Upholds Zero-Rating for Freeport Sales
- BOC Assigns Procedural Code 062 for VAT on Local Sales to Domestic Market Enterprises
- BIR Takes Over VAT Oversight on Local Sales from Bureau of Customs
- Supreme Court Ruling Clarifies VAT Zero-Rating for Freeport and Ecozone Enterprises in the Philippines
- Philippines Considers VAT Cut, Fiscal Incentives to Boost Garment Industry Competitiveness
