MANILA, Philippines — The government has introduced four reforms to ensure the faster processing of value-added tax (VAT) refunds of exporters and other qualified entrepreneurs, according to the Department of Finance (DOF). He said this ensures that money is available for VAT refunds. The DOF said the pre-TRAIN process of claiming VAT refunds involved the submission of many documents, and often takes years to resolve. You pay the VAT when you import or you buy a product, and then when you export, you get a refund,” Chua said. Aside from reforms in the VAT refund system, the law also implemented cuts in the personal income tax rates of individual taxpayers.

Source: Philippine Star December 20, 2018 16:01 UTC