Senior Citizen has VAT Exemption Benefits in our Country

By Arya
@yoalldudes (32728)
Philippines
August 6, 2022 1:19am CST
That is a huge saving because the VAT rate is 12%. As much as I love my "youth", that is the direction I am heading. And it makes me feel better that retirement wouldnt be so scary even if income flowing in is not much. I am wondering if I would like to be an instructor because I have always excelled in the academe but not so much in the real world. Quite the opposite, I am being left out . There is a 20% discount and I will have to look more into it if this is after and on top of the VAT deduction. Edit: I looked it up and yes the 20% discount is based on the net of VAT. Wow! That eased my anxiety LOL. Have a nice weekend everyone.
4 people like this
4 responses
@LadyDuck (401246)
• Switzerland
6 Aug
Our VAT rate is only 7% and all people pay the same rate. Seniors have other advantages, like 50% discount on public transport.
@yoalldudes (32728)
• Philippines
6 Aug
50% is huge. Are these for buses and bullet train? It would have been awesome if it includes plane.
1 person likes this
@LadyDuck (401246)
• Switzerland
6 Aug
@yoalldudes It is for Swiss public transport (buses, every Swiss train, lake boats) planes are not "public transport" some companies have senior discounts, not all.
@yoalldudes (32728)
• Philippines
6 Aug
@LadyDuck It must be so nice to ride those boats.
1 person likes this
@LindaOHio (99898)
• United States
6 Aug
What is the VAT rate?
@yoalldudes (32728)
• Philippines
6 Aug
The VAT rate of 12% is deducted from the amount to be paid. It is further reduced by 20%. So a senior citizen pays much less.
1 person likes this
@LindaOHio (99898)
• United States
6 Aug
@yoalldudes Pays much less for what? What does VAT stand for?
@yoalldudes (32728)
• Philippines
6 Aug
@LindaOHio Value Added Tax
1 person likes this
@jstory07 (122879)
• Roseburg, Oregon
6 Aug
Enjoy your 20% discount that is always good.
@yoalldudes (32728)
• Philippines
6 Aug
Not yet. I'm only 42 but it makes me less scared of retirement.
@Sojourn (13326)
• India
6 Aug
I guess this news came as a surprise for you. Well, time to get some white hair and wrinkles
@yoalldudes (32728)
• Philippines
6 Aug
I have a few white hair strands now.
1 person likes this