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(From BusinessWorld (Philippines))
The government will pay Japanese contractors the rest of their value- added tax (VAT) refunds in July, as it announced it has already paid 85% of the amount.
Budget Secretary Rolando G. Andaya, Jr. said in a statement yesterday that the balance of the government's P458.82-million total VAT obligation to Japanese contractors for grant-aid projects will be settled in July in time for the 50th anniversary celebration of the diplomatic relations between the Philippines and Japan. He said 85% of the total amount - about P388.13 million - had already been paid as of March 30.
The Japanese government extends two types of …