Philippines Senate Considers Bill to Amend VAT Rates

The Philippine Senate Feb. 12 accepted for consideration Bill No. 1851, to amend VAT rates. The bill includes measures to: 1) reduce to 10 percent, from 12 percent, the standard VAT rate on sales and imports of goods and properties; 2) retain the 12 percent rate for sales and imports of specified non-essential and non-basic goods; 3) reduce to 10 percent, from 12 percent, the standard rate on sales of services, including digital services and property uses or leases, but maintain the 12 percent rate if non-essential or non-basic; 4) require that transactions involving taxable and exempt items or different ...