12% expanded VAT imposed starting Feb. 1
12% expanded VAT imposed starting Feb. 1
FINANCE Secretary Margarito Teves said the government is set to implement the additional two percent on the expanded value-added tax (e-VAT) starting February 1.
He said the implementation of e-VAT starting in November has tremendously improved the financial stability and reputation of the country. Teves also said that an addition of two percent for its final implementation is expected to rake more benefits that will improve the confidence of investors and create more jobs.
In Davao Region, Bureau of Internal Revenue (BIR) Regional Director Marcelinda Omila-Yap said BIR is bound to enforce its scheduled implementation based on its guidelines.
“More revenues mean more public goods and services which would sustain the nation and hasten economic growth,” Omila-Yap said.
The government has been focusing on the economy’s take-off that will ultimately benefit the people.
Officials said e-VAT implementation will result to a long-term benefit which would far outweigh the short-term disadvantages.
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