The Department of Finance (DoF) said an efficient tax system free of leakages would eventually allow the government to impose a lower value-added tax (VAT) rate on goods and services, currently at 12 percent.
“Our proposal really is to clean up the VAT system. Over time, once we have addressed the exemptions, we may reduce the VAT rate. We will do it step by step,” Finance Undersecretary Karl Kendrick Chua said in a statement over the weekend.
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