The Bureau of Internal Revenue (BIR) has implemented a 12-percent value-added tax on transactions that were previously taxed at zero percent.
Last June 9, Finance Secretary Carlos Dominguez 3rd signed Revenue Regulation 9-2021, which was issued on June 11 to implement the imposition of a 12-percent VAT on transactions covered by various sections of the Tax Code as amended by Republic Act 10963, or the "Tax Reform for Acceleration and Inclusion Act."
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