The Philippines loses P250 billion worth of value-added tax (VAT) revenue from smuggling, the Federation of Philippine Industries (FPI) told the Senate on Tuesday.
Speaking before the Senate Committee on Justice and Human Rights, FPI Chairman Jesus L. Arranza said, “We are losing, the last time we made a study, P250 billion in value-added tax and downsizing of companies.”
Source: www.bworldonline.com
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