Thursday, May 27, 2010

15% VAT may lead to 'tax revolt' | The Philippine Star News Business

I am against the proposed called 15% Value Added Tax increase.  Secretary of Finance Margarito Teves and some other lawmakers are batting out this proposal since January 2010. For me as a businessman and end-user or consumers of commercial products and services it is a bane for us that we will shoulder this again  3% tax after 12% VAT was approved back in 2005 by Senator Ralph Recto.Would this be beneficial to the governement? As a matter of fact Yes, wherein the government may collect as much as P73.92 billion in fresh revenues by 2015 if the government increases the value-added tax (VAT) rate to 15 percent by 2013, according to estimates made by the Department of Finance  (DOF). I never see the point of taxing too much on the middle and the masses. Why not make the tax collection efficient  and build new strategies as what President -apparent Senator Benigno Simeon Aquino III aka Noynoy Aquino mentioned in the past weeks on media and at the same the government's coffers should be spent wisely on boosting  our country's economy by tapping the local and non-tradtional markets which is stable and recovering despite the current global financial crisis which had affected Europe Union countries at present and the United States two years ago.

How I wish that Value Added Taxes should be lowered at around 6%  to 8% only. All we need is to removed graft and corruption, keep the good governance principle  intact and  work on a transparent government that all  Filipinos would appreciate and at the same build useful yet efficient economic developments to be benefited by the Filipinos.

15% VAT may lead to 'tax revolt' | The Philippine Star News Business
Raising VAT from 12% to 15%

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