Philippines cuts shipping taxes

 

Manila: Foreign ships calling the Philippines are set for some tax perks. Under new guidelines foreign vessels calling at the archipelago will be exempt the 12% value added tax as well as the 2.5% gross Philippine billings tax, a de facto income tax levied on airlines and shipping firms.
 
“These are intended to facilitate the movements of goods and services and to attract more foreign tourists and investments,” said Kim Henares, the head of the nation’s Bureau of Internal Revenue.  [01/10/13]

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