Tuesday, October 31, 2006 Tax notes: Repeal of 70% cap on input VAT readied
THE enrolled copy of the bill repealing the 70 percent cap on allowable input value added tax (VAT) is now being routed for the initials and signatures of the officials of the Senate and the House of Representatives.
When all the signatories have signed, the enrolled bill will be transmitted to the President for her signature.
The bill has been certified as urgent by the President herself and is therefore expected to be approved immediately once transmitted to Malacañang.
The repeal shall take effect 15 days after publication of the law. (Source: Punongbayan & Araullo)
