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Value Added Tax News
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In a bid to promote the processing and packaging of milk in the country, the dairy sector has sought exemption of excise duty and value added tax (VAT) on equipment and machinery in the upcoming Union Budget.
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MANILA, Philippines - The Bureau of Internal Revenue (BIR) filed tax evasion charges against a clothing firm and its responsible corporate officers for alleged willful attempt to evade income tax by overstating its Cost of Sales for 3 years, and alleged willful attempt to evade value-added tax (VAT) by overstating its purchases.
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A well-designed Value-Added Tax, a national consumption levy that would tax household purchases of all goods and services, could simplify the tax code for most households and finance significant reductions in corporate and individual income tax rates without adding to the budget deficit.