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Local government units (LGUs) that collect their taxes efficiently may soon avail of a special fund to finance their local development projects, programs and activities, once a bill filed by Senator Ping Lacson is passed into law. Senate Bill No. 405 mandates the allocation of one percent of total Value-Added Tax (VAT) collections to finance […]
The Senate recently approved on third and final reading the proposed value-added tax (VAT) refund measure for non-resident tourists that would hopefully attract more tourists. With 20 affirmative votes, one negative vote and no abstention, Senate Bill No. (SBN) 2415 or An Act Creating a Vat Refund Mechanism for Non-Resident Tourists, adding a New Section […]
Senator Imee Marcos is calling for a one-year suspension of the value-added tax (VAT) on oil products amid lingering economic difficulties due to the COVID-19 pandemic. Marcos, who chairs the Senate committee on economic affairs, noted another price hike by oil companies that reached per liter increases of P1.15 for gasoline, P0.60 for diesel, and […]