Philippines Suspends VAT on Exporter Transactions
The Philippines recently suspended a 12% value-added tax on formerly zero-rated exporter transactions, the Hong Kong Trade Development Council reported Aug. 6. The imposition of the VAT in June “sparked widespread controversy” and was suspended because of concerns that it…
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burdened exporters and hurt the country’s competitiveness, HKTDC said. All relevant exporter transactions will be “restored to their zero‑rated status for the foreseeable future.”