- Representative Francisco Barzaga filed House Bill 5119 to completely eliminate the 12% Value Added Tax on all goods and services in the Philippines
- The bill aims to reduce financial burden on Filipino consumers, especially low and middle income families who are most affected by VAT regardless of their ability to pay
- Barzaga argues that rising living costs and inflation make it necessary to revisit the current VAT system and reduce the rate from 12% to 0%
- To compensate for potential government revenue losses, the representative plans to introduce additional measures for a more progressive and sustainable tax system
- Other pending congressional bills also seek to reduce VAT burdens by exempting senior citizens electricity bills, low consumption households, and medicines from VAT
Source: filipinotimes.net
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.
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