Approval of the implementing tax reform regulations, limiting to eight the number of VAT exempted basic goods (rice, chicken, sugar, eggs, milk, cooking oil, coffee, and soap) for which raw, intermediate, and other materials physically incorporated into the products are also VAT-exempt; and enabling the collection of a minimum income tax for corporations and sole proprietors via withholding of 1 percent of asset value (0.6 percent of deposits for banks) to begin in July 2003 (see Paragraph 5 of the SMEFP)
At P1R1R2, this former sb was modified, and upgraded to a prior action.