Finance Officials to Modify Tax Reform Packages, as Lawmakers Balk at Removal of VAT Exemptions

With the tax reform packages going nowhere in Congress, the Department of Finance now plans to submit a new proposal that would retain VAT exemptions for the elderly and disabled. Removing VAT exemptions was part of the first proposal that would help offset a cut in the personal income tax rate. Lawmakers have balked at this, however, as this is an unpopular move. Finance officials initially lined up four tax reform proposals, but will spread it to six, even as the first one has yet to be even discussed in Congress. Along with…

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