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 exemptions on professional services such as those serviced by lawyers and medical professions at this time would create "economic as well as social disaster of national proportions. …