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(From BusinessWorld (Philippines))
Value added tax (VAT) exemptions on the sale of newspapers should also be removed if the Department of Finance (DoF) has its way.
Finance Undersecretary Emmanuel P. Bonoan said the DoF will amend a bill submitted to Congress to include the sale of newspapers in the list of transactions it wants subjected to the 10% VAT.
"There is no reason to remove VAT from newspapers ... I do not see why we can't VAT newspapers," Mr. Bonoan told reporters.
Section 109 (y) of the National Internal Revenue Code exempts from VAT the sale, importation, printing or publication of books and newspapers, magazines, reviews or …