THE DEPARTMENT of Finance (DOF) has stressed anew that the Duterte administration would keep the value-added tax (VAT) exemptions of senior citizens, but said its implementation would be rationalized.
“Our VAT tax rate is 12 percent and yet we collect as a percentage of GDP (gross domestic product) only 4.2 percent. Thailand whose VAT rate is 7 percent collects 4.2 percent. So in other words we have a lot of exemptions and we have lots of zero-rated transactions. We have to collect on that side,” Finance Secretary Carlos Dominguez 3rd told reporters during a recent chance interview.
Already have an active account? Log in here.
Continue reading with one of these options:
Continue reading with one of these options:
Premium + Digital Edition
Ad-free access
P 80 per month
(billed annually at P 960)
- Unlimited ad-free access to website articles
- Limited offer: Subscribe today and get digital edition access for free (accessible with up to 3 devices)
TRY FREE FOR 14 DAYS
See details
See details
If you have an active account, log in
here
.