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More palatable VAT up at Senate.
(From Philippine Daily Inquirer)
Byline: Michael Lim Ubac and Juliet Labog-Javellana
SENATORS are now cooking up a more palatable version of the proposed 20-percent hike in the value-added tax (VAT) amid growing opposition to the Malaca[currency]ang-backed tax measure.
Sen. Ralph Recto, Senate ways and means committee chair, told reporters following a public hearing on the bill yesterday that it "was possible the multiple VAT rate system" (different rates for different goods and services) being implemented in other countries would be the answer to the cash-flow problems of the Arroyo administration.
Recto was forthright in saying there was no way the Senate would adopt the House-approved version of the bill raising the VAT rate from the current 10 percent to 12 percent.
"There's an opportunity to correct the VAT as well, to make it equitable and progressive and, at the same time, raise revenues for the government," said Recto, who presided over the committee hearing, the first on the VAT measure expected to last a month.Present at the hearing were Finance Undersecretary Emmanuel Bonoan, National Tax Research Center Executive Director Lina Isorena, former Sen. Ernesto Maceda, Romeo Bernardo of the Foundation for Economic Freedom, Raul Concepcion of Consumer and Oil Price Watch, and representatives of market vendors and cooperative associations.
Fiscal managers earlier predicted the full revenue potential of a 12-percent VAT rate would be P50 billion, plus another P28 billion from the repeal of VAT exemptions, per year.
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