Finance Secretary Carlos Dominguez III has indicated the government’s willingness to study Russia’s value-added tax (VAT) monitoring system after a Russian diplomat pledged to help the Bureau of Internal Revenue (BIR) regarding the matter.
In a Viber message to journalists Friday, he said that “based on several reports, we have learned that the electronic VAT monitoring system of Russia has greatly improved their collections”.
“We are very pleased that the (outgoing) Russian Ambassador (to the Philippines Igor Khovaev) has expressed willingness to share their technology with us. We will study their system in depth and adopt what is suitable for the Philippines,” he added.
In a news release, the Department of Finance (DOF) said Dominguez met with Khovaev last Tuesday to talk about areas of economic cooperation.
It said the diplomat discussed possible accord between the Federal Customs Service of Russia and the Philippines’ Bureau of Customs (BOC).
In turn, Dominguez asked for possible assistance in the VAT collection structure after noting that Russia has an efficient system.
“Ambassador Khovaev said that Russia has shared its VAT collection technology with other countries and would assist the BIR in its effort to improve its system,” the press release said.
Aside from the economy-related tie-up, the officials also discussed possible pact on energy as well as the production and distribution of the Covid-19 vaccine being developed by Russia.
Source: Philippines News Agency