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Senator Chiz Escudero called for amendments to the Tax Reform for Acceleration and Inclusion (TRAIN) Law that will empower the President to suspend or lower excise and value‑added taxes (VAT) on fuel whenever global oil prices exceed the benchmark assumptions for Dubai crude set in the government’s Budget of Expenditures and Sources of Financing (BESF). […]
Camarines Sur Reps. Migz Villafuerte and Luigi Villafuerte have shot down a proposal by the Organisation for Economic Cooperation and Development (OECD) for the government to discontinue exempting senior citizens from the 12% Value Added Tax (VAT) as part of fiscal consolidation reforms to reduce our debt and narrow the budget deficit. At this time […]
Senator Chiz Escudero said electricity sales should be exempt from the 12-percent value-added tax (VAT), saying this targeted relief in the power sector under his proposed bill would have immediate impact and ease household and industrial burdens without undermining fiscal stability. Escudero acknowledged the recent remarks of Executive Secretary Ralph Recto, who cautioned against proposals […]
The Bureau of Internal Revenue (BIR) is urging the public to report pharmacies that continue to impose value-added tax (VAT) on medicines that are already exempt, following the issuance of Revenue Memorandum Circulars (RMC) Nos. 59-2025 and 62-2025, which expanded the list of VAT-exempt medicines. In a recent television interview, BIR Commissioner Romeo Lumagui Jr. […]
Department of Tourism (DOT) Secretary Christina Garcia Frasco expressed optimism that the newly implemented Value-Added Tax (VAT) Refund for Non-Resident Tourists Law will significantly enhance the country’s tourism sector.Frasco’s remarks came after the ceremonial signing of the Implementing Rules and Regulations (IRR) for Republic Act No. 12079 at the Department of Finance (DOF) in Manila. […]
“Bawat piso na natitipid sa gamot ay malaking ginhawa para sa mamamayan!” This was the strong statement of Senate Minority Leader Koko Pimentel III as he welcomed the recent inclusion of 17 new medicines in the list of VAT-exempt products, saying it can ease the financial burden of Filipinos needing medical treatment. “Every peso saved […]
Speaker Martin Romualdez said the law signed by President Ferdinand Marcos Jr., which offers non-resident tourists value-added tax refunds, would be a boon to the tourism sector and domestic commerce. “This piece of legislation will greatly boost international tourism and the sale of goods by tourist-oriented establishments,” Romualdez said. “More tourist arrivals and increased tourist […]
President Ferdinand Marcos Jr. signed Republic Act (R.A.) 12079, known as the “VAT Refund for Non-Resident Tourists,” during a ceremonial signing recently at Malacañan Palace.In his speech, the President emphasized the significance of the law, stating that “shopping has become an essential part of the travel experience”. Marcos noted that in 2023, the Philippine tourism […]
Senate President Chiz Escudero said the value-add tax (VAT) refund mechanism for non-resident travelers is a long overdue initiative the country needs to lure more visitors and increase tourist haul. Escudero made the statement as President Ferdinand Marcos Jr signed the legislation amending the National Internal Revenue Code to provide for the VAT refund to […]
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 […]