Gov’t drops system loss VAT
The tax didn’t fix the thing it made more expensive. Why are we so much better at collecting for stolen electricity than stopping it from being stolen?
· 2 MIN READ
Daily TribuneTopic
Latest Daily Tribune news and analysis on VAT bill.
The tax didn’t fix the thing it made more expensive. Why are we so much better at collecting for stolen electricity than stopping it from being stolen?
· 2 MIN READ
‘For consumers, the practical effect is straightforward: Once the new rules become effective, VAT will no longer be imposed on the allowable system loss…
· 2 MIN READ
Qualified export-oriented enterprises may claim refunds for VAT incurred while awaiting zero-rating certification, provided they met the 70-percent export…
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The BIR clarified that qualified export-oriented enterprises may claim VAT refunds for eligible purchases and importations incurred while awaiting zero-rating…
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Electricity consumers could see lower power bills as the BIR moves to remove VAT from allowable system loss charges classified as government-mandated…
· 2 MIN READ
The Bureau of Internal Revenue (BIR) is preparing to remove the value-added tax (VAT) imposed on allowable system loss charges in electricity bills, a move…
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An ERC-issued resolution declares allowable system loss charge an inherent government-mandated pass-through cost that does not form part of the gross sales of…
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The Bureau of Internal Revenue has expanded the list of VAT-free medicines to 2,277, adding drugs for cancer, diabetes, tuberculosis, hypertension, high…
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Under the latest BIR Revenue Memorandum Circular No. 87-2026, VAT exemptions now cover 708 medicines for cancer, 537 for hypertension, 331 for diabetes, 300…
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‘The quickest way to improve a family’s finances is not always by giving them more — it is by allowing them to keep more of what they have already earned.’
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Sen. JV Ejercito has filed Senate Bills 2342 and 2343 to scrap system loss charges and remove the 12% VAT on electricity, aiming to lower power rates for…
· 1 MIN READ