- The Philippine Senate is considering Bill No. 1552 to reduce the standard VAT rate from 12% to 10%.
- The reduced VAT rate would apply to goods, imported goods, services (including digital), and property leases.
- The VAT rate could temporarily return to 12% if the projected deficit as a percentage of GDP exceeds the target.
- 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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