The government could scrap some of the discounts enjoyed by senior citizens – though officials were quick to assure them that basic necessities would still be kept tax-exempt. Finance Secretary Carlos Dominguez said in a forum on Thursday that the government was reviewing the value-added tax (VAT) exemptions granted to people 60 years old and above. The Expanded Senior Citizens Act of 2010 waives the VAT for a wide range of goods and services – largely medicines, health care services and professional fees of clinics and hospitals. But it also extends VAT exemptions for land, sea and air transport, hotels and restaurants, cinemas and concert halls, and the like.Dominguez said the law was intended to help the disadvantaged, but it ended up benefitting the wealthy more than those in need. Read more: http://cnnphilippines.com/news/2016/08/27/senior-citizens-discounts-exemptions-sacrifice.html
Posted By : Admin August 30, 2017