QC Trade Organization Airs Support for VAT Hike
Quezon Citys biggest trade association has expressed its support for the value-added tax (VAT) rate adjustment from the current 10 to 12 percent.
Nathan C. Zulueta, chairman of the Quezon City Chamber of Commerce and Industry (QCCCI) said they are supporting the stand of their mother organization, the Philippine Chamber of Commerce and Industry (PCCI), on the administration backed priority bill that aims to raise the VAT rate for "it is the simplest, practical, easy to administer, most equitable and less inflationary of all proposals now being deliberated in Congress."
The government economic team hopes to raise about additional R35 billion per year once the proposed 2 percent adjustment is approved by Congress.
"We call on our lawmakers, both in the House of Representatives and the Senate, not to complicate things. Current proposals being entertained now such as lifting the exemptions as gasoline, petroleum products, power and electricity as well as removing the …
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Publication information: Article title: QC Trade Organization Airs Support for VAT Hike. Contributors: Not available. Newspaper title: Manila Bulletin. Publication date: February 13, 2005. Page number: Not available. © 2009 Manila Bulletin Publishing Corp. COPYRIGHT 2005 Gale Group.
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