Lacson pushes for VAT system reform after fuel tax hike suspension
by admin | Posted on Thursday, 15 November 2018 07:03 PM
Sen. Panfilo Lacson
MANILA, Philippines — A senator is batting to reform the country’s value-added tax system after the government suspended the collection of the next fuel excise tax scheduled in the first quarter of 2019.
Sen. Panfilo Lacson believes that the proposed reduction in the value-added tax rate from 12 percent to 10 percent will help the government attain its annual revenue targets.
This is amid the projected hefty losses in revenues due to the fuel tax hike suspension.
“Imagine ibinaba mo na ng 10 percent, naka-generate ka pa ng P117-billion incremental revenue,” said Lacson.
“Tayo ang pinakamaraming exemptions sa buong Southeast Asia for that matter, 143”
Lacson is eyeing to slash the number of sectors that are exempted from paying VAT, citing abuses such as in cooperatives, housing sectors and companies in economic zone.
The Department of Finance has expressed support for the said proposal during the passage of the first package of the Tax Reform for Acceleration and Inclusion law.
However, the agency is looking to prioritize the approval of its proposed tax reform packages.
“Pero sa tingin po namin ang mas balanse yung proposed po namin yung series of packages that really benefit the people immediately,” said Usec. Karl Chua.
Senator Lacson hopes that his proposal will gain enough support from his colleagues and hurdle congressional scrutiny. — Nel Maribojoc | UNTV News & Rescue
by admin | Posted on Tuesday, 5 February 2019 02:26 PM
QUEZON CITY, Philippines – Ilocos Norte Governor Imee Marcos believes it is unfair to burden sick people with high prices of medicines.
If given chance in Senate, Marcos said she would push for the removal of the 12% value added tax (VAT) not only in few medicines but in all medications.
“Bakit pa lalagyan ng buwis? Bakit pabibigatin pa? May sakit na nga yung tao kadalasan matanda, bakit mo pahihirapan pa?” the lady governor said during an interview in the program Get It Straight with Daniel Razon on Tuesday (February 5).
Marcos believes such proposal is possible since it has been imposed through the Tax Reform Acceleration and Inclusion (TRAIN) Law.
She added that poor Filipinos should enjoy the same privilege as the rich when it comes to the prices of goods.
She intends to help the agriculture sector similar to her father, the late President Ferdinand Marcos, especially the farmers who primarily suffer during calamities.
One of the programs she wants to prioritize is the government’s Pantawid Pamilyang Pilipino Program (4Ps) which she intends to improve to Pantawid Ani which will provide aide to calamity-stricken farmers from 3 to 6 months.
“Ibuo mo ang sa DSWD, DOLE, sa iba’t-ibang pangkat ng pamahalaan at gawin mong Pantawid Ani kung nasalanta ng bagyo o kung nasira ang bahay, namatayan ng mga alagang animals, magtulong tulong,” Gov. Marcos said.
Governor Imee is in favor of a shift to federal form of government but she said the proposal is not necessary at this time given that the provisions of the measure remains unclear.
When asked about her views on Martial Law, Marcos said the situation at present is hugely different from the time of her father. She believed it is necessary given the situation in Mindanao but there is no reason for it in a nationwide scope.
One project his father initiated was the Bataan Nuclear Power plant. Governor Imee seemed to oppose its reactivation.
Instead, she prefers other alternative energy sources specifically the renewable ones such as solar, windmill, and hydroelectric power plant.
“Ang bill namin medyo bumaba higit sa lahat naging tuloy-tuloy. Naging patok pa sa turista,” she said referring to the lower energy rates they enjoy in Ilocos Norte because of renewable energy sources they established.
What needs to be done, Marcos said, is to review the country’s Renewable Energy Act to be fair to the government. – Marje Pelayo (with reports from Rey Pelayo)
by admin | Posted on Wednesday, 3 January 2018 06:26 PM
International Philippine School in Al-Khobar
The imposition of the government of Saudi Arabia of a five percent Value Added Tax (VAT) will affect the Arab nation’s food and beverage industry, petroleum products, rents of commercial establishments, remittance fee, and domestic transportation, among others.
The VAT already resulted in an increase of almost 55 percent in prices of gasoline.
With this, electricity rates will go up to 300 percent.
Overseas Filipino worker (OFW) Raymond Tolosa is already complaining because of a ten percent rise in school tuition this year. He worries it will further increase next year because of additional taxes.
“It’s better to send my children back to the Philippines because it’s more costly to study here,” he said.
However, Philippine Ambassador to Saudi Arabia Adnan Alonto noted that some Philippine schools in the Arab country might be exempted from the additional taxes if it can prove that they are community schools.
“For schools that have requested for certification, come here at the embassy… we can assure you that we will release a statement saying you are exempted, ” Alonto said.
Exempted from the additional taxes are residential rents, medicines, and medical equipment.
It was in 2016 when the unified agreement for VAT of the cooperation council for the Arab states of the gulf was released. The Arab Emirates, Bahrain, Qatar, Kuwait, Oman and Saudi Arabia are among the Arab countries that signed the agreement.
The VAT is a financial measure of Saudi Arabia, which will become one of its non-oil revenue sources.
According to Ambassador Alonto, with this development, Filipinos based in Saudi Arabia should learn how to properly save money.
“Filipinos here know how to endure. We know how to strive for our families,” said Alonto — Bong Duqueza | UNTV News & Rescue
by admin | Posted on Tuesday, 28 November 2017 06:59 PM
MANILA, Philippines — The Senate makes its final push towards the passage of the Tax Reform for Acceleration and Inclusion or TRAIN Bill.
It particularly deliberates on which sector will be included or removed from the list of those to benefit from 12% Value-Added Tax (VAT) exemptions.
One provision that the senators agreed upon was to increase the number of VAT exemptions to house and apartment rent of 15,000 pesos and below monthly.
“Sabihin mong P10,000, may balik sa kaniya na P1,200 na hindi bubuwisan ng gobyerno so mamakatulong ito sa mga bedspacers, dun sa mga nagtatrabaho, umuupa, galing probinsya,” said Senate Committee on Ways & Means chairperson Sen. Sonny Angara.
It is expected to help millions of families who are renting once the bill passes into law.
Meanwhile, exemptions of VAT to special economic zones did not win the favor of the senators.
Also, some senators are pushing for 12 percent VAT exemptions to medicines.
“Kung inexempt natin ang medicine sa VAT, hahanap naman ho naman tayo ng pambawi bago tayo matapos,” said Sen. Francis Escudero.
“I supposed our position that we exempt agriculture products from its original products in its state, exempt education, including books, why not exempt sale of drugs and medicine,” said Sen. Ralph Recto.
This week, the Senate targets to complete its deliberations and hopefully pass their version of the TRAIN Bill. — Roderic Mendoza | UNTV News & Rescue
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