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Thursday, August 18, 2005
Editorial: Imperative
THIS is one time that the Arroyo administration should heed calls for the deferment of the implementation of value-added tax on power and fuel while the cost of petroleum in the world market is at an all-time high as it will cause the prices of basic commodities and services to surge beyond the reach of many Filipinos.
Postponing the VAT on electricity and petroleum is warranted because of the hike in world crude oil cost from US$30 per barrel a year ago to US$67 per barrel a few days back.
Legislators have pleaded to Malacañang to suspend the VAT's implementation if the Supreme Court (SC) upholds the legality of the controversial tax measure and lifts the restraining order the high court issued against it.
The solons fear that with the spiraling cost of fuel in the world market and the resulting increase in the price of oil sold in the country, the prices of prime goods and basic services will go up. We agree with their contention.
The government would be doing the public a big favor by suspending implementation of the VAT for a while until the price of crude fuel in the world market goes down and stabilizes.
(August 18, 2005 issue)
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