Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Revenue bills like digital services VAT lead House priorities

by
August 4, 2022
in Investing News
0
Revenue bills like digital services VAT lead House priorities
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter
PHILSTAR

THE House of Representatives will prioritize revenue measures like a 12% value-added tax (VAT) on digital transactions as well as ease of paying taxes programs, a senior legislator said on Thursday. 

Albay Rep. Jose Ma. Clemente S. Salceda, who heads the House Ways and Means Committee, told BusinessWorld via Viber in reply to a query that budget reform is also on the table.

“We are also studying measures to combat technical smuggling, as brought up by the President in his State of the Nation Address (SONA),” he added.

He called inflation “the greatest challenge to this administration’s first year in office,” alongside food sufficiency and income security.

Rizal Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that “new tax measures or higher tax rates could lead to higher inflation, as seen in past, such as the TRAIN Law in 2018.”

“Any new taxes or higher tax rates could add to the current inflationary pressures and would lead to higher headline inflation,” Mr. Ricafort added.

“New taxes and higher tax rates need to be fair, equitable, and progressive, especially targeted at those that can afford them or those from the higher income brackets or those that at least do not add to the burden to the poor, the most vulnerable sectors, and/or those hit hard by the pandemic,” he said.

Maria Ela L. Atienza, a political science professor at the University of the Philippines, said the government runs the risk of new taxes being received negatively by the public.

“A recent SWS survey also found out that more Filipinos feel poorer or worse off now than before,” Ms. Atienza said. “Pulse Asia surveys also show that people are mainly concerned with economic issues like unemployment, poor pay, and inflation.”

“Add to this is the fact that the current President (Ferdinand R. Marcos, Jr.) and his family still have issues regarding their tax liabilities and ill-gotten wealth.”

She said even if the government fails to address rising prices, protests are not expected until the administration loses popular support.

Mr. Salceda said once the food security and income issues are addressed, “housing should be atop the President’s priorities… That’s the single biggest untapped source of household and national wealth.” — Matthew Carl L. Montecillo

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
FTA signing with South Korea expected by November — DTI

FTA signing with South Korea expected by November — DTI

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Subway can be sued over its tuna, US judge rules

Subway can be sued over its tuna, US judge rules

July 13, 2022
UpperKey Explains How Rental Arbitrage Works

UpperKey Explains How Rental Arbitrage Works

August 1, 2022
What’s the difference between health insurance and health cash plans?

What’s the difference between health insurance and health cash plans?

June 26, 2022
SSS clarifies: Not a subsidy for operations

SSS clarifies: Not a subsidy for operations

June 8, 2022
Philippines lags in East and Southeast Asia in Coursera’s 2022 Global Skills Ranking

Philippines lags in East and Southeast Asia in Coursera’s 2022 Global Skills Ranking

July 4, 2022
Former Twitter employee is convicted in Saudi spy case

Former Twitter employee is convicted in Saudi spy case

August 10, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.