THE proposal of Finance Secretary Margarito Teves for the next Congress to raise the value-added tax (VAT) rate from 12 percent to 15 percent drew strong opposition from militant legislators who said that instead of increasing it, the next government should set proper budget priorities and eradicate corruption.
“Eradicating the age-old problem in corruption and setting proper budget priorities are what the next administration should pay attention to in order to solve the country's fiscal problem, instead of increasing the tax and thereby adding burden to the Filipino people.”
Rep. Liza Maza of Gabriela Women’s Party today hit Arroyo’s Executive Order 845 that officially lifted the price cap on petroleum products and described it as a tool for oil companies to rake in super profits and for the Arroyo administration to continue increasing revenues from 12 percent expanded value added tax (VAT) on oil.
