Once the Tax Reform Package is passed, the government will get benefitted from the money sent by Overseas Filipino Workers to their families in the Philippines.
Remittances of OFWs will soon have 12% Value Added Tax (VAT). It will be an extra pain once this Tax Reform is passed since currently, remittances are free of VAT.
Last 2015, a total of $26.95 billion worth of remittances from different parts of the world were sent to their families in the Philippines, creating a better economy for the country.
If the Tax Reform gets passed, OFW remittances will decrease but other expenses will remain high especially since the primary needs also have 12% Value Added Tax.
France Castro of the ACT Teacher party-list said that this added tax will become an added burden to OFWs and local workers inside the country.
Currently, the inflation rate in the country is 1.8% but it is expected to rise up to 3.3% once the tax for gasoline is implemented.
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