"Additional revenues from the imposition of higher value-added tax jumped 22 percent in the first half of the year, the Finance Department reported yesterday.
Preliminary figures showed that incremental revenues from the implementation of the Expanded Value Added Tax Act of 2005 amounted to P53.3 billion in the first half of the year, up P9.6 billion from P43.7 billion collected year-on-year.
The tax take of the Bureau of Customs from the reformed value-added tax law rose 20.6 percent to P28.71 billion in the first six months of the year from P23.8 billion on year.
Finance officials said the tax take of Customs in the first half of the year were boosted by higher collection on raw materials for petroleum products and finished petroleum products.
Data showed that Customs collections from imported raw materials for petroleum products amounted to P9.4 billion while those from finished petroleum products reached P12.08 billion.
Additional revenues collected by the Bureau of Internal Revenue, meanwhile, increased 23.6 percent to P24.6 billion in the first half of the year from P19.9 billion in the same period last year."
More VAT! That probably means that the government will be getting more money to be used for the country. I hope that the political leaders will make good use of this VAT. After all, we give the money, but its their job to put it to good use. Many complain because very little improvement have been seen since the increases in VAT. I suggest that the government start making good and practical projects for the country and for the good of the Filipinos.
SOURCE:http://www.manilastandardtoday.com/?page=business4_aug6_2008
7 comments:
I don't really mind the increase in VAT. The things that I'm worried about are the actions that the government is going to do with the additional money. Seeing how corrupt our government is, I'm truly hoping that they'll do something that will benefit us all.
It's pretty good that the VAT is going up, it's not something I am against, the taxes and internal revenue is what develops the country. but if the government abuses the VAT, then maybe we can't have a much more developed country. Let's hope that the country and government makes good decisions.
Agreeing with the other previous posts. Just as long as the money goes to where it is needed and not to the pockets of these dirty politicians, I wouldn't mind it at all. It's just too bad that our political system is in shambles. Well, there's always hope in the next generation of leaders.
ang taas na nang VAT. mas maghihirap na tayo niyan. yung pera lang sana na naco-collect, nagagamit for good para atleast okay lang na mas mataas na binabayran natin.
waw. again? where does all those money go to? do they really use it to benefit us?
again the topic of greed comes into play. it is just another way of making money for the officials. so pathetic and too desperate. what ever happened to the welfare of the people in the country?
the vat collected may be high but will this money be used correctly? or will it just satisfy a persons greed. i hope that this money will be for projects for our country and people.
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