- Senator Bam Aquino filed a bill to reduce VAT from 12% to 10% to help cushion the economic impact of the Middle East conflict, especially for middle-class families and workers.
- The proposed measure aims to lower VAT on all goods and services, including petroleum products, to provide immediate relief and promote long-term economic stability amid rising fuel costs and inflation.
- Aquino emphasized that the middle class, who do not receive government aid, are increasingly burdened by high prices due to the ongoing oil crisis.
- He argued that lowering VAT would increase disposable income, support businesses, protect jobs, and stimulate economic activity.
- Aquino acknowledged potential revenue losses and called for stronger tax administration to maintain funding for public services.
Source: sunstar.com.ph
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"
- Senate Bill Seeks to Remove VAT on Electricity System Losses to Lower Consumer Costs
- Vice Ganda Backs Bam Aquino’s Senate Bill to Lower VAT for Middle Class Relief
- Hontiveros Proposes Removal of VAT on Systems Loss Charges to Lower Electricity Bills
- Hontiveros Seeks VAT Exemption on Electricity Bills for Households Using 150kWh or Less Monthly
- Hontiveros Seeks Removal of VAT on Systems Loss Charges in Power Bills
