- The Philippines is considering reducing its 12% VAT rate and increasing fiscal support to boost the competitiveness of its garment industry.
- Domestic garment manufacturers and exporters have raised concerns about high costs and tough global competition.
- Proposals include lowering VAT to levels similar to neighboring countries and expanding fiscal incentives.
- The CREATE MORE Act offers deductions on power and labor costs for garment firms, and export-oriented companies may qualify for VAT exemption.
- The government is also encouraging technology adoption to help the industry meet changing buyer demands.
Source: fibre2fashion.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.
Latest Posts in "Philippines"
- BOC’s Zero VAT Procedures: Streamlining Export Import Logistics and Compliance for Export-Oriented Enterprises
- Philippines Extends E-Invoicing Compliance Deadline for Large Taxpayers to December 31, 2026
- Philippine Tax Court Partially Grants Petition, Invalidates VAT and Compromise Penalty Assessments
- Supreme Court Rules Condominium Association Dues Not Subject to Value-Added Tax (VAT)
- Philippine Court Partially Grants Input VAT Refund for Zero-Rated Sales in 2020 Tax Case
