Philippines mulls 15% VAT

Tue 16th Aug 2016

The Philippines is considering raising VAT from 12% to 15% to fund a raise in government expenditure and fund a cut to 25% in the corporate income tax rate.

There is also a plan to broaden the VAT base by removing a range of exemptions on over 30 goods and services.

The plans are to be reviewed before the end of this year, including approval by congress and the senate. The implementation date for the rise could by 1 June 2017.