MikeLigalig.com

EVAT to spur infra support for destinations - Sec. Teves
by Rey Anthony Chiu

Tagbilaran City (30 December 2005) -- BOHOL gets to sit at the other end of the financial funnel when the Expanded Value Added Tax (EVAT) hikes 2% more beginning February 1 next year, said Finance Secretary Margarito Teves, during a telephone interview over Kapihan sa PIA, Thursday and ired over a local radio station.

With a projected revenue raise of P35B more from the already set P80B as proceeds of the first set of levy hikes, Sec. Teves said the EVAT becomes focus support on point destinations like Bohol for more tourism infrastructure developments.

Speaking in Cebuano, him being from Negros Oriental, the former Congressman and LandBank President who heads the country's economic team is confident that the country can lower its budget deficit and enhance service delivery from the EVAT proceeds.

"The Implementation of the EVAT on November 1 has tremendously improved the fiscal stability and reputation of the country," he said as he recalled economic gains from the November tax implementation.

"The additional 2% implementation on February 1, 2006 is expected to rake in more benefits that will improve the confidence of investors and create more jobs. More revenues means more public goods and services," he added.

On EVAT's possible effects, Teves assured that safety nets are being installed to mitigate the impacts on the tax hike.

Aside from his cited constant price monitoring on basic commodities from local price councils.
Here, the Department of Trade and Industry conducted product standards and anti-piracy raids to even up the playing field among local sellers, said Bohol DTI representatives who raided a newly opened importer warehouse along Tagbilaran City's main street.

Teves also told listeners about government move to put up tax exemptions on the minimum wage earner to soften more the effects of the EVAT.

"We also need to show to the people that the money goes for the projects," he stressed, possibly anticipating a perception that taxation has often times enriched those in power than the intended goal for the levy.

He also leaked a government plan to put up more money during the rainy season to finance local infrastructure projects, while hoping that the international price for oil sustains, all to keep prices down.

Acknowledging the effects of the dollar remittances from overseas Filipino workers, the country's top finance wizard hinted another plan to create incentives for OFW families and dependents.

This, he bared will help spur local economies as well as generate jobs in the country sides. (PIA)

Linkback: https://tubagbohol.mikeligalig.com/index.php?topic=82715.0