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No VAT On Overseas Remittances To Philippines, Gov't Confirms

by Mary Swire, Tax-News.com, Hong Kong

03 March 2017


Officials in the Philippines have confirmed that a new value-added tax charge on the service fees of money transfer centers will only apply to domestic transactions.

In a statement on the Senate's website, Senator Sonny Angara sought to allay any concerns from overseas Filipino workers that their remittances to families in the country would be taxed.

The country intends to levy a 12 percent value-added tax on the fees charged by these services providers only for domestic transactions, with the statement noting in particular that pawnshops are targeted.

TAGS: VAT rates | tax | value added tax (VAT) | Philippines | fees | services | VAT goods & services classification

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