Author Topic: VAT Reform Law (Republic Act 9337)  (Read 502 times)

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VAT Reform Law (Republic Act 9337)
« on: February 10, 2018, 05:39:37 AM »
Trade department links up with LGUs on VAT info drive
by Nelly Dillera, AC Agad

Cotabato City (1 July 2005) -- With the implementation of the VAT Reform Law (Republic Act 933), the Department of Trade & Industrry (DTI) has launched a campaign activity to educate the public on eVAT and its impact on prices of the basic commodities. The eVAT law is part of the reform program that the Arroyo administration is carrying out as part of its promise in the 10-Point Agenda that would improve the country's revenue collection. It is a vital component of the government's fiscal consolidation program that aims to bring the fiscal deficit GDP to zero by 2010, if not sooner.

The trade department and other concerned agencies has stepped up its price monitoring activities to ensure that prices are within reach by consumers and prevent unscrupulous businesspersons from taking advantage of the passage of the new law. It has also enlisted the help of labor groups to monitor prices of basic agricultural and manufacturer commodities, and to step up consumer protection against profiteers in the market.

To further raise awareness on the impact of the VAT law, the DTI is enjoining Local Government officials to identify areas of cooperation in protecting the interest of the consumers. One area where DTI and LGUs can cooperate is in the monitoring of basic goods' prices in wet markets and supermarkets.

"We are meeting with key mayors of Metro Manila to combine our resources to assure consumers that the government is doing everything in its power to maintain price stability in the market," Trade Secretary Juan B. Santos said. "Our regional directors in the provinces are also doing it to effect a nationwide implementation."

"The increased monitoring efforts of the DTI and local government units will not necessarily bring down prices but will ensure the availability of basic goods at reasonable prices, and to protect consumers against undue price increases caused by unscrupulous individuals. Local government units are key in ensuring stable prices in the market," Santos added.

Trade Secreatry Juan B Santos earlier said that prices of commodities would remain stable in spite of the signing of the VAT reform measure into law. The 2% increase in the value added tax will have an effect on basic commodities in 2006 and if the President would at that time exercise her stand-by power, which could only be done when any of the two set conditions are met. The two conditions are when VAT collection exceeds 2.8% of the previous year's GDP and when the national government deficit exceeds 1.5% of GDP. (DTI 12/PIA12)

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