Wednesday, April 7

A 15% E-VAT is crazy

pay 3% more?
Finance Secretary Margarito Teves is proposing to increase to 15% the 12% expanded value added tax (E-VAT) we currently have today. It's absolutely maddening that bureaucrats like Teves, don't seem to care that a 12% consumption tax is enough of a burden on consumers already.

The government has been spending (and stealing) our money like drunken sailors without a thought to our budget deficit and now that it's in a "fragile fiscal position" it wants us to bail it out again through this confiscatory tax increase on everything we buy (like that chocolate sundae I've been enjoying in this heat).

Sen. Noynoy Aquino opposes this plan and instead wants to improve revenue collection. I may just have found the reason to vote for him this May election, somehow voting for him because of his parents' heroics is kind of lame to me. Now I could say I like his stand on taxes and Manny Villar honestly is sounding more and more desperate these days which is a big turn-off for me.

Update:  from WSJ - Europe's VAT Lessons: Rates start low and increase, while income tax rates stay high.

5 comments:

C 03:40  

hahahahahahahaha!

Well, how else is Manny Villar going to get back his 1 billion investment in his campaigns?????

Through VAT!

Its ridiculous, I know! In a country that is already so poor-- the VAT is getting even higher.... where is this country headed to??

Lynn 05:22  

LOL! I don't know, C. Let's hope for the best. :)

myfingersrtyping 19:39  

with the 12% tax right now, is the Philippines improving?I mean with the construction of the roads, etc?where is the money going?in their pockets?lol!

Lynn 20:23  

Improving? Nah, I don't see it. It's in their pockets of course. ;)

myfingersrtyping 11:31  

then why the hell they want more money for? greediness?

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