No choice but to reduce VAT
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“VAT-man” Sen. Ralph Recto came up with some intriguing computations regarding the tax bonanza that Noynoy is currently reaping from the rising price of crude oil in the world market.
Recto said that from the value added tax (VAT) tacked on fuel alone, the government must have earned already P9 billion in extra revenues from the time crude oil prices rose from $90 per barrel to $110 per barrel on a thumb rule of P1.56 million in extra earnings a day whenever the world market price of oil climbs by $1 per barrel..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/commentary/20110418com1.html
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