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Local business group to lobby for amendments to new E-VAT law |
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By Des Ferriols
The Philippine Star 05/26/2005 Businessmen said they intend to lobby for amendments to the new expanded value-added tax (eVAT) law, specifically to raise the pass-on ceiling from 70 percent to 90 percent. According to the Philippine Chamber of Commerce and Industry (PCCI), the newly-ratified eVAT law effectively increased the tax being paid by industries since they were allowed to pass on only 70 percent of the VAT as input VAT. PCCI president Donald Dee said the business sector still support the new eVAT but there were provisions that they want Congress to address in the near future. "Its not a perfect law, we have an issue on the 70 percent pass-on cap which we think should be higher," Dee said. "Eventually we will lobby for Congress to address this." According to Dee, the neutral level should have been 90 percent and industry leaders planned to launch initiatives for Congress to consider adjusting this cap. "The pass-on cap approved by Congress was equivalent to an increase in the taxes we are paying," Dee said. "We decided to let that go because from the macro-economic point of view, the eVAT amendment needed to be passed as quickly as possible." In the meantime, Dee said the business sector would wait for the government to thresh out the implementing rules and regulations for the new eVAT. "We want to see it implemented properly and efficiently," Dee said. "What is good for the fiscal position of the National Government is ultimately good for business." After weeks of deadlock on the issue of raising the VAT rate from 10 percent to 12 percent, Congress finally ratified the amendments to the law and removed the exemptions beginning this year. The new law also gave President Arroyo the authority to raise the rate starting January 2006. The government expects to generate P28 billion to P31 billion from the lifting of these exemptions this year. Beginning 2006, incremental revenues from the eVAT are expected to reach P97 billion to P105 billion. |
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