- The Philippine Senate is considering Bill No. 1450 to abolish the current VAT system.
- The bill proposes a simplified VAT regime.
- It would repeal NIRC provisions on VAT, including rules for taxable persons, transactions, invoicing, digital transactions, and input VAT deductions.
- The bill also repeals the 3% gross quarterly sales tax on certain VAT-exempt, non-registered taxpayers.
- 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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