Philippines Senate Considers Bill to Reduce Various VAT Rates

The Philippine Senate Feb. 26 accepted for consideration Bill No. 1916, to reduce various VAT rates. The bill includes measures to: 1) reduce to 10 percent, from 12 percent, the standard VAT rate for goods or properties sold, bartered, or exchanged; 2) reduce to 10 percent, from 12 percent, the VAT rate for imported goods; 3) reduce to 10 percent, from 12 percent, the VAT rate for supplies of services, including digital services, and the use or lease of properties; and 4) authorize the President to temporarily revert back to the 12 percent VAT rate for any year in which ...