Sunday, September 11, 2005
Trade promises no hike in cost of basic goods due to e-VAT
THE Department of Trade and Industry (DTI) assured Saturday that the prices of prime commodities will be stable even if the expanded value-added tax (e-VAT) is implemented, at least until the end of the year.
In the weekly "Kapihan sa Sulo" forum, DTI Undersecretary Zeny Maglaya said once the e-VAT is finally implemented, the government will intensify its monitoring activities to ensure that the prices of goods would not soar.
"We have a commitment to keep prices stable when VAT is implemented," Maglaya said.
Maglaya clarified that VAT is not a new tax because it has been implemented since 1988 and that a 10 percent VAT is already imposed on some products.
Manufacturers or retailers should not use VAT as an excuse to increase the prices of their products, she added.
In a recent meeting with the manufacturers and retailers, the DTI was assured of no price adjustments on meat products and vegetable products but there will be a slight increase in the cost of canned goods, depending on the price of tin.
She warned the businessmen of cancellation of business permit or fines once they failed to explain for adjusting their prices.
Meanwhile, the DTI reported that the prices of flour would remain stable because of the abundant harvest of wheat in the United States and Canada, from where the government imports the commodity. (JPM/Sunnex)
(September 11, 2005 issue)
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(September 11, 2005 issue)
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Join the Sun.Star message board. Click here. |
