VAT on Oil Dealers Needs Sorting out; Also the 5% Final Withholding Taxes on Sales of gova[euro][TM]t Firms

Manila Bulletin, November 7, 2005 | Go to article overview

VAT on Oil Dealers Needs Sorting out; Also the 5% Final Withholding Taxes on Sales of gova[euro][TM]t Firms


Byline: MYRNA M. VELASCO

It remains high on the inter-agency body overseeing implementation of the Expanded Value-Added Tax (EVAT) Law to sort out some remaining hitches, such as the proposed 2.0 percent presumptive tax for oil dealers and the 5.0 percent final withholding tax on sales of government entities.

This is on top of addressing the concerns with respect to the reduction in oil import duty to 3.0 percent; from 5.0 percent; which goes along with the imposition of VAT charges effective last November 1.

In this vein, Energy Secretary Raphael P.M. Lotilla declared that they are closely coordinating with the Department of Finance (DoF) and other government agencies such as the Bureau of Internal Revenue (BIR) and Bureau of Customs (BoC) "to handle the transition of EVAT orderly."

He added that to avoid some confusion in the lawas process of implementation, "we have to work out ways to effect the EVAT as prudent as possible. It is important that we have our valuation of numbers. We are working closely with industry players and the dealers who are hit by EVAT."

On the proposed presumptive tax for petroleum dealers, the energy chief hinted that they are looking at a possibility of a retroactive implementation.

The formula being set forth, he said, would start with taking into account the level of inventories that the oil dealers have as of November 1.

In regard to the import duty cut, the energy department is coordinating closely with the BIR and BoC "to be able to carry out the reduction in import duties for those products sold" starting at the lawas implementation.

Typically, local refiners Petron Corporation and Pilipinas Shell Petroleum Corporation sustain inventory level of 45 days while oil importers have a leaner supply buildup of only 15 days. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

VAT on Oil Dealers Needs Sorting out; Also the 5% Final Withholding Taxes on Sales of gova[euro][TM]t Firms
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.