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Philippines: BIR suspends 12% VAT on exporters’ purchases

MANILA, Philippines — The Bureau of Internal Revenue (BIR) has agreed to suspend the imposition of the 12 percent value-added tax (VAT) on local purchases of raw materials and packaging products of exporters, according to the Philippine Economic Zone Authority (PEZA) and House ways and means committee chairman Rep. Joey Salceda. The Philippine Exporters Confederation […]

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Thailand: BoT lays out plan to reduce debt level

The Bank of Thailand (BoT) has discussed with relevant authorities to seek ways to lower the country’s household debt, starting from co-operatives and student loans with a target to expand to cover farmer loans next year. The country’s household debt is made up of financial sources and loan sources, including those that are not under […]

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Vietnam: Timeline extended for e-commerce taxation

Vietnam’s tax authorities will give five more months for e-commerce platforms to set up data connectivity and begin sharing online sellers’ information from January 2022. In the dispatch to collect feedback on the enforcement roadmap, the General Department of Taxation (GDT) has adjusted the schedule to being e-commerce taxation from August 1, 2021 to January […]

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Indonesia: National Economic Recovery realization reaches Rp277.36 trillion

The 2021 state budget would keep changing through reallocation of various ministry/department expenditures to meet the dynamic demands amid this pandemic. Jakarta (ANTARA) – The realization of  budget for National Economic Recovery (PEN) program has reached Rp277.36 trillion, or 37.2 percent of the Rp744.75-trillion ceiling budget, on July 16, 2021, Finance Minister Sri Mulyani Indrawati said. […]

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