SOURCE: Press and Public Affairs Bureau
02 September 2020 02:28:43 PM
In an online meeting Wednesday, the Committee on Ways and Means chaired by Albay Rep. Joey Salceda approved without amendments the tax provisions in Sections 5, 15 and 16 of the unnumbered substitute bill to House Bill 7483 or the “Bulacan Airport City Special Economic Zone and Freeport Act.” The Committee also began deliberations on HB 6653 and 6717, proposing to repeal and replace provisions in the Title IV of the amended National Internal Revenue Code of 1997. The two bills aim to discontinue the Value Added Tax (VAT) System by switching to the Sales Tax System. Author of HB 6653, Rep. Jose Enrique Garcia III, said the Sales Tax System could help in eliminating the loopholes for corruption and tax evasions, and significantly reduce the tax burden of consumers on goods and purchases.