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The House of Representatives approved on final reading a proposal imposing a 12 percent value-added tax (VAT) on digital transactions in the country to generate new funding sources for the country’s COVID-19 response efforts. With 167 affirmative votes, six negative votes, and one abstention, the Chamber passed on third reading House Bill 7425 seeking to […]
Once enacted into law by President Rodrigo Duterte, the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill will result in a more affordable cancer treatment as the measure will exempt cancer prevention medication from the Value Added Tax (VAT), Senator Joel Villanueva said. Villanueva, chair of the Senate Committee on Labor, Employment and Human […]
Senator Koko Pimentel III has called for the exemption of petroleum products from the coverage of the value-added tax (VAT) to help cushion the impact of the implementation of the second tranche of the fuel excise tax. “As a means of easing the burden on the public, this bill proposes to exempt petroleum products from […]
Apart from medicines for diabetes, hypertension and high cholesterol, Senator Sonny Angara will also study the possibility of exempting from the 12-percent value-added tax (VAT) all cancer medications and other available maintenance medicines in the market. Angara is the chairman of the Senate Committee on Ways and Means that deliberated and made possible the VAT […]
Senator Sonny Angara lauded government for coming out with regulations on the value-added tax (VAT) exemption of medicines but urged authorities to ensure that it is fully implemented to make essential prescription drugs accessible and affordable. The Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 25-2018 recently exempting medicines for diabetes, high cholesterol […]