Daily Star logoTop Stories



Bacolod City, Philippines Thursday, December 6, 2018
Front Page
Star Business
Opinion
Sports
Star Life
People & Events

VAT not causing inflation: VG
BY GILBERT P. BAYORAN

 

Negros Occidental Vice Governor Eugenio Jose Lacson disagrees with the proposal of senatorial aspirant Imee Marcos to temporarily suspend the implementation of Value Added Tax on basic commodities and fuel for one year to address the recent inflationary measures.

VAT has already been there even before the imposition of excise tax, Lacson said, as he also noted that the country is now experiencing low inflation.

So I don’t think VAT is the cause of inflation, he said.

Marcos said that the suspension of VAT for one year, instead of implementing a fresh increase in excise taxes on fuel by January next year, will provide immediate relief to Filipino consumers.

Lacson said he opposes the removal of VAT, stressing that it has been implemented even during the time of former President Gloria Macapagal Arroyo and her successor, Benigno Aquino III.

Basic food items such as rice, fish, meat and vegetables have been major drivers of inflation this year, with the contribution of rice alone rising 10 times to one percentage point of the inflation rate, according to the Department of Finance.

As to the implementation of a new round of increases in the excise tax on fuel, Lacson said the effect on economy remains to be seen.

But he added that the economic managers of President Duterte noted that fuel is now cheaper, compared to 2017, even before the implementation of the excise tax.*

 

back to top

Front Page | Opinion | Business | Sports
Star Life | People & Events| Archives | Advertise
Top Stories
ButtonDuterte ok’s June 18 Bacolod Charter Day
ButtonExpedite land distribution in Negros
ButtonArmed men hogtie guards, rob Honda cars showroom
ButtonWV inflation rate down 1%
ButtonRoxas: I’ll push for Negros region
ButtonCancer care center inaugurated
ButtonHoliday truce nixed
ButtonLaborer found dead
ButtonBigger bonus at Capitol seen
ButtonVAT not causing inflation: VG
Button‘Don’t let drugs destroy future’