Bill Cutting VAT to 10% Amid Oil-Driven Price Surge Filed - BusinessWorld Online

Bill cutting VAT to 10% amid oil-driven price surge filed - BusinessWorld Online

SENATOR Paolo Benigno A. Aquino IV has filed a bill seeking to cut the value-added tax (VAT) to 10% from 12% to ease the burden on households as surging oil prices linked to the Middle East war push up the cost of living. Filed on Thursday, Senate Bill No. 2047 proposes changes to key provisions of the National Internal Revenue Code of 1997 to lower VAT on goods and services. Mr. Aquino said the measure could support economic recovery while maki…

Bam Aquino Files Bill to Lower VAT to 10% Amid Fuel Crisis

Aquino emphasized that the prolonged crisis, driven by geopolitical conflicts such as the US-Israel war on Iran, has severely impacted the middle class.