Solon tells Noynoy: Heed call of your bosses to scrap or at least suspend collection of VAT By Charlie V. Manalo 09/03/2011

Solon tells Noynoy: Heed call of your bosses to scrap or at least suspend collection of VAT

By Charlie V. Manalo 09/03/2011

As the Bureau of Internal Revenue (BIR) is now gearing to collect an additional 12 percent value added tax (VAT) on toll rates at the South Luzon Expressway (Slex), Bayan Muna Rep. Teddy Casiño reiterated his call for the scrapping of the burdensome regressive tax, or at least to have it suspended.

“Consumers from all walks of life are reeling from the effects of the VAT, it is high time that it is scrapped or at the very least suspended. It is imposed on almost all goods and services and has been a bane to consumers from A-E. It has greatly affected the purchasing capacity of Filipino citizens, especially on the majority of those who receive salaries below the required cost of living and those who are underemployed or have no jobs at all,” the militant solon said.

“If collection of the VAT is immediately suspended, oil prices will decrease by at least P6, we will have lower electric bills and the VAT on toll will not take effect. This will also reflect in other goods and services and will redound to an increase in the purchasing power of consumers,” Casiño said..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/metro/20110903met1.html