ESTIMATES by the World Bank placed the leakages from the value-added tax (VAT) exemptions for senior citizens at P10 billion this year, the Department of Finance (DOF) said on Thursday.
“The World Bank estimated P10 billion in leakages in the senior citizen discounts,” Finance Undersecretary Karl Kendrick Chua said during a recent technical working group meeting at the Senate on the DOF’s proposed tax reform plan.
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