The government is reviewing value added tax (VAT) exemptions in a bid to address inefficiencies and revenue leakages in the tax system, Finance Secretary Benjamin Diokno said Wednesday.
“We will review the exemptions and revisit once and for all kung ano ba yung reasonable na gawin ,” Diokno said at the Kapihan sa Manila Bay forum.
Diokno said the list of transactions to be removed from VAT exemption will be out “before the end of the year.” The potential VAT collection in 2018 without exemptions, he said, was supposed to be P1.85 trillion but the actual VAT collection was only P784.2 billion.
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