- The Philippine Senate is considering Bill No. 1450 to abolish the current VAT system and introduce a simplified VAT regime.
- The bill proposes repealing key VAT provisions in the National Internal Revenue Code, including rules on taxable persons, transactions, invoicing, digital transactions, and input VAT deductions.
- It also seeks to remove the 3% gross quarterly sales tax for non-registered, VAT-exempt taxpayers with annual sales below PHP 3 million.
- If passed, the new law would take effect 15 days after publication.
Source: globalvatcompliance.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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