Philippine Senate OKs tax reform bill
The Philippine Senate has approved on third and final reading its version of the tax reform package that retains VAT exemptions for business process outsourcing (BPOs) and other industries. The Senate version of the Tax Reform for Acceleration and Inclusion (TRAIN) exempts taxpayers with an income of 250,000 and below annually starting 2018. Aside from BPOs, TRAIN also gives VAT exemptions for raw food or agricultural products, health and education, as well as of senior citizens, persons with disability, and cooperatives. The sale of prescription drugs and medicines will be VAT-free for all. The TRAIN bill is set to be tackled by the Senate and the House of Representatives in the bicameral conference committee.
Related news
- Senate retains tax incentives for BPO industry · 12 Oct
- BPO helps keep Negros economy afloat · 28 Nov
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
