Category Taxation in Philippines

Philippines Urged to Change Tax Balance

May 11, 2010 Taxation in Philippines

Palacio del Gobernador 2Corporate and personal income taxes in the Philippines should be lowered to 25 percent, and Value Added Tax (VAT) raised to 15 percent, according to the Department of Finance (DOF) of the Philippines.

On May 10th the DOF issued a general statement to the next Government administration coming into power after the national elections, saying that the current national tax balance should be changed. The DOF claimed that PHP 73.92 billion could be raised if the recommended changes are carried out by the year 2015. The DOF suggested that VAT should be raised from the current level of 12 percent to 15 percent, personal and income taxes lowered to 25 percent, along with simplification of the personal income tax assessment structure and excise taxation on tobacco and alcoholic products...

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