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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 […]
In time for the celebration of Valentine’s Day or the “Araw ng mga Puso,” Lee pushed for a measure to ease the financial burden of Filipinos with heart illneses by removing the value-added tax (VAT) on medicines and drugs related to the treatment of cardiovascular diseases (CVDs) or the group of disorders of the heart […]
Senator Pia Cayetano brought a bit of good news to the public: The exemption of several life-saving medicines and maintenance drugs from the 12 percent value-added tax (VAT) under the Corporate Recovery and Tax Incentives for Enterprises, or CREATE Law (Republic Act No. 11534). Cayetano shared the positive development with local government executives and members […]
The House Committee on Ways and Means chaired by Albay 2nd District Representative Joey Sarte Salceda approved the unnumbered substitute bill to House Bill 7143, creating a mechanism through which non-resident tourists may refund their value-added tax (VAT). Salceda stressed that the measure is long overdue, noting that the Philippines is the only country in […]
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 […]