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Thursday, August 18, 2005
Biz group backs e-VAT implementation
* PCCI bats for energy efficiency, conservation use
* Bishop opposes tax measure
THE Philippine Chamber of Commerce and Industry (PCCI) favors the imposition of value-added tax (VAT) if the Supreme Court (SC) finally decides to lift the temporary restraining order (TRO) it issued which deferred the law's implementation last July 1.
PCCI president Donald G. Dee said in a press statement "the urgent need at the moment is to implement key provisions of the law to address the country's deficit problem and improve our international credit standing".
"The business community is amenable to the law's implementation, on the grounds that the issues earlier raised by the various sectors of society will be addressed through the necessary amendments to the law in Congress," Dee said.
In the meantime, given the continuous rise in the price of fuel and petroleum products, Dee is appealing to business community and government to join hands in instituting energy efficiency and conservation measures to safeguard the public's interest in line with the implementation of the VAT provision subjecting to tax petroleum and power products.
"We have no control over the dictates of the external environment as in the case of the rising prices of petroleum in the world market. However, this should not prevent us from implementing substantial and needed economic reforms that will improve the country's fiscal condition which will benefit the public in the long run," Dee said.
Dee also welcomed President Gloria Macapagal-Arroyo's decision to lower the tariff and excise tax on fuel and petroleum products saying that the development will help mitigate the impact of the oil price hikes.
The PCCI has earlier called for the selective implementation of the expanded VAT law taking into consideration amendments to specific provisions on the imposition of a 70 percent cap on input VAT and the increase in the corporate income tax from 32 percent to 35 percent.
Meanwhile, Lingayen-Dagupan Archbishop Oscar Cruz said imposition of e-VAT would just be another burden on Filipinos.
Cruz also said it would be the poor who would again suffer and bear the brunt of the increase in the prices of goods and services once the tax law is implemented. (MSN/PR/Sunnex)
(August 18, 2005 issue)
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