- The Philippine Senate accepted Bill No. 1450 for consideration on Oct. 9.
- The bill proposes abolishing the current VAT system and introducing a simplified VAT regime.
- It seeks to repeal NIRC provisions on VAT, including rules on taxable persons, transactions, invoicing, digital transactions, and input VAT deductions.
- The bill also aims to repeal the 3% gross quarterly sales tax on certain VAT-exempt, non-registered taxpayers.
- The law would take effect 15 days after publication.
Source: news.bloombergtax.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.
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