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(From BusinessWorld (Philippines))
Byline: Reagan D. Tan
The Senate yesterday passed on third and final reading a measure repealing the 70% cap on creditable input value-added tax (VAT).
House Bill 5742, sponsored in the Senate by ways and means committee chairman Senator Ralph G. Recto, would allow companies to again charge 100% of input VAT - the tax paid by businesses for raw materials - to output VAT - the tax due on sales - per quarter.
The measure had been approved by the House of Representatives on September 26.
Business groups have been lobbying for the repeal of the limit on creditable input VAT, saying it has pushed many …