- The Philippine Senate is considering a bill to abolish the current VAT system and remove related rules from the tax code.
- The bill also proposes eliminating the 3% percentage tax for small businesses with annual sales under PHP 3 million.
- If passed, the changes would take effect 15 days after publication.
- This represents a major and rapid shift in the country’s consumption-tax structure, raising questions about revenue, digital taxation, and administration.
Source: fiscal-requirements.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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