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JUL
04
2013

SBN-462: National Internal Revenue Code, Sections 106 (A), 107 ) and 108 )

An Act Authorizing the President of the Philippines to Lower the Rate of Value Added Tax to Ten Percent (10%), Amending for the Purpose Sections 106 (A), 107 (A), and 108 (A) of the National Internal Revenue Code Of 1997, As Amended By Republic Act No. 9337

  • Seeks to authorize the President of the Republic of the Philippines to reduce the VAT rate from 12% to 10% if the national debt as a percentage of GDP of the previous year does not exceed fifty-five percent (55%)
  • NG debt as a percent of GDP is at 51.4% (as of 2012)

 

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