E-VAT is approved with Finality by SC

[JoRed]

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E-VAT implementation will cause skyrocketing prices this Christmas season
Date Posted: 10.17.2005


October 17, 2005

E-VAT IMPLEMENTATION WILL CAUSE SKYROCKETING PRICES THIS CHRISTMAS SEASON



A bleak Christmas awaits Filipinos if the Supreme Court finally lifts its temporary restraining order (TRO) on the implementation of the expanded value-added tax (EVAT) law tomorrow, October 18, according to independent think-tank IBON.



The law, whose implementation has been delayed since July by the TRO, will remove VAT exemptions on the oil and power sectors and increase the prices of basic commodities and services. These price hikes would come on top of the seasonal increases in basic goods that usually occur during the holiday season.



It should be noted that prices have been rising aside from the incessant oil price hikes. The average inflation rate for the first eight months of the year has already reached 8%, higher than the 6% recorded for full-year 2004. Monthly inflation rates since the fourth quarter of 2004 are already among the highest in the past decade.



An official of the independent petroleum dealers association himself admitted that the implementation of the EVAT would “definitely” push oil prices to P40 per liter. As of Oct. 5, the prices of unleaded gasoline averaged P33.70 to P35.50 per liter while diesel prices ranged from P30.79 to P32.85 per liter.



The hike due to EVAT would be on top of the near-weekly rounds of oil price increases. Just this weekend, there was another round of hikes in unleaded gasoline and liquefied petroleum gas (LPG). Oil price hikes since the start of the year have increased gasoline prices by P7 per liter and LPG by P77 per cylinder.



Clearly the implementation of the IMF-imposed EVAT would hurt Filipino consumers. IBON maintains that a sound debt management policy rather than new taxes is still a more logical step in addressing the country’s fiscal problems. (end)

[glenn]

Dapat lang na ma implement ang E VAT para mabawi sa Pilipinas ang kuwarta nga gigamit ni GMA panahon sa Election......ka faet!!!!!!!!!!!! Mga pinoy ang mag antos ......madugay pati hangin patungan na og VAT........

[tolstoi]

maynta ang rally patungan ug e-vat..para wala na mag rally sa kamahal sa permit..lolz

[UCAV]

Price guide lang sa pag implement sa E-VAT.

from Inq7.net

GASOLINE. Unleaded gasoline is expected to rise by P3.03-P3.14 a liter.

Diesel prices will rise from the current P31.40-P33.85 a liter to P32.75-P35.44; kerosene from P32.60-P33.85 a liter to P35.20-P36.575 a liter.

ELECTRICITY. At an average of P7.30 per kilowatt hour, consumers would have to pay an additional 58 centavos per kWh on average


High prices will lower demand..... I don't know if E-VAT can generate the needed money

[noRika]

expect more rallies..... more transport strikes (kung dili ihatag ang bag-ong uminto sa plete)

..... bottom line is.... LUOY GIHAPON TANG TANAN!!!!!

[darkwing]

E-VAt or no E-VAt luoy tang tanan

^^bai JORED diba naa man sad mo E-VAT..REVOLUTIONARY TAX bana cya?..nga kung dili muhatag sunogun ang property..mao bana?

mas grabe pani sa E-VAT k ay wala resibo lol

[s.n.m.p.]

Decision on VAT strengthens peso

The peso strengthened on Tuesday after the Supreme Court lifted its suspension order on the expanded value-added tax (EVAT) law, but Philippine share prices were flat as the market closed hours before the Court handed down its verdict on the tax measure.

At the Philippine Dealing System, the local currency closed at 55.78 to the dollar, higher than Monday’s closing price of 55.815. It opened at 55.840, traded to a high of 55.67 and to a low of 55.870. The amount of transactions reached $347 million.

Despite the Philippine unit’s renewed strength, traders expect it to weaken until November due to the onset of the import season.

"The market has anticipated the VAT law to be implemented. However, the peso will go back to 56 soon due to the importation season," a currency dealer said. "The peso will improve in December [and] reach 55.50 by year-end."

At the Philippine Stock Exchange, share prices closed flat as investors kept to the sidelines, awaiting a Supreme Court decision on the VAT law, dealers said. The Philippine Stock Exchange composite index fell 0.13 points to 1,947.33 after trading between 1,943.91 and 1,949.82.

Volume turnover amounted to 287.01 million shares worth P498.24 million ($8.9 million).

The all-shares index gained 1.54 points to 1,180.80.

Losers outnumbered gainers 27 to 23, while 65 stocks were unchanged.

Continuing political tension exacerbated by a series of street protests seeking President Arroyo’s ouster also sidelined investors.

"Right now, there’s a lack of interest in the market. People have become more selective, and the political noise has contributed much to this," said Mark Alan Canizares of Citiseconline.com.

SM Investments Corp. was top-traded, rising P4 to P218.

However losses in First Philippine Holdings Corp. pulled down the main index as the stock fell by P2 to P42.

SM Prime Holdings Inc. ended unchanged at P7.30 while Banco de Oro Universal Bank was flat at P31.

Philippine Long Distance Telephone Co. closed steady at P1,660 after a two-day slide.

San Miguel Corp. saw its A shares, exclusive to Filipinos, remain at P65 while its B shares, available to foreigners, slipped 54 centavos to P92.

More resources for job-creation, delivery of key services

Finance Secretary Margarito B. Teves said the VAT law will be implemented starting November 1.

The tax law is projected to generate P4 billion this year, and P82 billion next year, given a 70-percent compliance rate.

Teves said the Department of Finance will push for the VAT on power and petroleum products next year, by which time the government will raise the tax rate to 12 percent from the current 10 percent.

"The lifting of the temporary restraining order will help reduce the fiscal deficit and allow more resources for job-creating infrastructure and delivery of key service," he said.

Maricel E. Burgonio with AFP

The news is from the AFP. Armed Forces of the Philippines. 'tural positive gyud pirmi.

[darkwing]

i seriously doubt the 70 % compliance rate, i mean gas stations don't even issue receipts if you don't ask for one...

[tolstoi]

Decision on VAT strengthens peso

The peso strengthened on Tuesday after the Supreme Court lifted its suspension order on the expanded value-added tax (EVAT) law, but Philippine share prices were flat as the market closed hours before the Court handed down its verdict on the tax measure.

At the Philippine Dealing System, the local currency closed at 55.78 to the dollar, higher than Monday’s closing price of 55.815. It opened at 55.840, traded to a high of 55.67 and to a low of 55.870. The amount of transactions reached $347 million.

Despite the Philippine unit’s renewed strength, traders expect it to weaken until November due to the onset of the import season.

"The market has anticipated the VAT law to be implemented. However, the peso will go back to 56 soon due to the importation season," a currency dealer said. "The peso will improve in December [and] reach 55.50 by year-end."

At the Philippine Stock Exchange, share prices closed flat as investors kept to the sidelines, awaiting a Supreme Court decision on the VAT law, dealers said. The Philippine Stock Exchange composite index fell 0.13 points to 1,947.33 after trading between 1,943.91 and 1,949.82.

Volume turnover amounted to 287.01 million shares worth P498.24 million ($8.9 million).

The all-shares index gained 1.54 points to 1,180.80.

Losers outnumbered gainers 27 to 23, while 65 stocks were unchanged.

Continuing political tension exacerbated by a series of street protests seeking President Arroyo’s ouster also sidelined investors.

"Right now, there’s a lack of interest in the market. People have become more selective, and the political noise has contributed much to this," said Mark Alan Canizares of Citiseconline.com.

SM Investments Corp. was top-traded, rising P4 to P218.

However losses in First Philippine Holdings Corp. pulled down the main index as the stock fell by P2 to P42.

SM Prime Holdings Inc. ended unchanged at P7.30 while Banco de Oro Universal Bank was flat at P31.

Philippine Long Distance Telephone Co. closed steady at P1,660 after a two-day slide.

San Miguel Corp. saw its A shares, exclusive to Filipinos, remain at P65 while its B shares, available to foreigners, slipped 54 centavos to P92.

More resources for job-creation, delivery of key services

Finance Secretary Margarito B. Teves said the VAT law will be implemented starting November 1.

The tax law is projected to generate P4 billion this year, and P82 billion next year, given a 70-percent compliance rate.

Teves said the Department of Finance will push for the VAT on power and petroleum products next year, by which time the government will raise the tax rate to 12 percent from the current 10 percent.

"The lifting of the temporary restraining order will help reduce the fiscal deficit and allow more resources for job-creating infrastructure and delivery of key service," he said.

Maricel E. Burgonio with AFP

The news is from the AFP. Armed Forces of the Philippines. 'tural positive gyud pirmi.

BWAHAHAHAHHAHA...HASKAN PAGKA IGNOY NALANG GYUD NIMO BAI!..AFP IS A VERY RESPECTABLE NEWS AGENCY..AGENCE FRANCE-PRESSE TAWN ANG MEANING ANA..LOLZ

KAHINUMDUM MAN KO ANI SA MGA ERAP JOKES SAUNA..

[zengatsu]

Decision on VAT strengthens peso

The peso strengthened on Tuesday after the Supreme Court lifted its suspension order on the expanded value-added tax (EVAT) law, but Philippine share prices were flat as the market closed hours before the Court handed down its verdict on the tax measure.

At the Philippine Dealing System, the local currency closed at 55.78 to the dollar, higher than Monday痴 closing price of 55.815. It opened at 55.840, traded to a high of 55.67 and to a low of 55.870. The amount of transactions reached $347 million.

Despite the Philippine unit痴 renewed strength, traders expect it to weaken until November due to the onset of the import season.

"The market has anticipated the VAT law to be implemented. However, the peso will go back to 56 soon due to the importation season," a currency dealer said. "The peso will improve in December [and] reach 55.50 by year-end."

At the Philippine Stock Exchange, share prices closed flat as investors kept to the sidelines, awaiting a Supreme Court decision on the VAT law, dealers said. The Philippine Stock Exchange composite index fell 0.13 points to 1,947.33 after trading between 1,943.91 and 1,949.82.

Volume turnover amounted to 287.01 million shares worth P498.24 million ($8.9 million).

The all-shares index gained 1.54 points to 1,180.80.

Losers outnumbered gainers 27 to 23, while 65 stocks were unchanged.

Continuing political tension exacerbated by a series of street protests seeking President Arroyo痴 ouster also sidelined investors.

"Right now, there痴 a lack of interest in the market. People have become more selective, and the political noise has contributed much to this," said Mark Alan Canizares of Citiseconline.com.

SM Investments Corp. was top-traded, rising P4 to P218.

However losses in First Philippine Holdings Corp. pulled down the main index as the stock fell by P2 to P42.

SM Prime Holdings Inc. ended unchanged at P7.30 while Banco de Oro Universal Bank was flat at P31.

Philippine Long Distance Telephone Co. closed steady at P1,660 after a two-day slide.

San Miguel Corp. saw its A shares, exclusive to Filipinos, remain at P65 while its B shares, available to foreigners, slipped 54 centavos to P92.

More resources for job-creation, delivery of key services

Finance Secretary Margarito B. Teves said the VAT law will be implemented starting November 1.

The tax law is projected to generate P4 billion this year, and P82 billion next year, given a 70-percent compliance rate.

Teves said the Department of Finance will push for the VAT on power and petroleum products next year, by which time the government will raise the tax rate to 12 percent from the current 10 percent.

"The lifting of the temporary restraining order will help reduce the fiscal deficit and allow more resources for job-creating infrastructure and delivery of key service," he said.

Maricel E. Burgonio with AFP

The news is from the AFP. Armed Forces of the Philippines. 'tural positive gyud pirmi.

BWAHAHAHAHHAHA...HASKAN PAGKA IGNOY NALANG GYUD NIMO BAI!..AFP IS A VERY RESPECTABLE NEWS AGENCY..AGENCE FRANCE-PRESSE TAWN ANG MEANING ANA..LOLZ

KAHINUMDUM MAN KO ANI SA MGA ERAP JOKES SAUNA..

mao gani lagot kau na siya ni gma kay kontra gud kau si snmp este erap ug si gma