Senate Bill Proposes Reducing VAT from 12% to 10% to Ease Cost of Living

• Senator Erwin Tulfo filed a bill to reduce VAT from 12% to 10% to ease inflation and boost household purchasing power.
• The bill aims to promote equity, social justice, and economic growth by increasing consumer spending.
• The proposed law includes a safeguard allowing the President to restore the 12% VAT if the national deficit exceeds limits.
• The Philippines currently has one of the highest VAT rates in Southeast Asia.
• A separate bill by Rep. Elpidio Barzaga Jr. seeks to eliminate VAT entirely.

Source: gmanetwork.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.

---

---