CREDIT CARD FIRMS START CHARGING VAT

[Hitman]

In the PHILIPPINE DAILY INQUIRER May 13 edition, Business Section page
12 :

"CREDIT CARD FIRMS START CHARGING VAT"

This move by the credit card companies is brought about by the imposition
of the DOF to apply VAT on all bank transactions. (Just because the
government has a huge budget deficit because of unnecessary spending and
corruption), the ordinary Juan dela Cruz is being penalized.

FACTS

* According to the PDI write-up, "Credit Card holders who revolve
their purchases, or who pay their outstanding bill only partially, would
likely be the hardest to be hit by the VAT. - This just says that on top
of your 2.5% to 3.0% interest, VAT shall be added.
* By the way, if you have existing personal loans from the banks, have
you received advisories that the banks are adjusting your monthly
amortizations and that your monthly payments is increased because of the
VAT imposition?
* The Department of Finance imposition of VAT on all bank transaction
also affects the interest earnings of your savings. VAT will be deducted
from the meager interests your money is earning in keeping your money in
the banks.

ISSUES AND QUESTIONS :

* If business institutions make use of their VAT payments as TAX
inputs to their annual income tax, why can't the individual tax player
(employees like you and me) apply the same to our Withholding Tax? Isn't
there inequality here? Shouldn't we employees, wage earners push the
government that the VAT payments we make is also accepted as an input tax
to our individual tax payments?

* Isn't it that Juan dela Cruz borrows money is because, he does not
have enough? Why burden him more? Is it because the government believes
that we are more gullible and that we have stopped raising our collective
voices?

* The employees get deducted with their tax even before receiving
their salaries, however institutions and corporations get to play with
their income before they pay their taxes, is the imposition of more taxes, the
solution to generating more funds for this cash strapped government?

If the artistas who earn hundreds of thousand and millions were able to
raise their voices and make the government bend back in the imposition of
VAT in their incomes, shouldn't every Juan dela Cruz whose source of
income is an 8 hour job and borrows money to stretch his spending capacity do
the same?

Let us collectively raise our voices, bring them up to the level where
government especially the DOF Secretary who has never really analyzed the
implication of this VAT policy to the ordinary employee.

Circulate and forward this message to everyone you know and let us resist
this VAT imposition like the way the artistas resisted theirs.


me mga utang pa naman ako sa credit card. tsk!!!

[OiC65]

Akala ko ba may proposal ang ating magagaling na mambabatas na ibaba ang interest and other charges ng credit cards......dagdag VAT pala instead!!!

Puro satsat at papogi lang talaga.

[1D4LV]

FOOTANGNA NILA LAHAT!!!!!

:twisted:

[mantoy]

nakngtokwa! dami ko pa naman utang sa visa & mastercard ko. huhuhu.:cry:

[RedHorse]

Ang masakit pa nito, retroactive Jan 2003...

[pajerokid]

mantoy, were on the same boat pare! UHAAAAAA!!!!!!!

[Ibaloi]

Classic case of passing the buck to Juan De La Cruz. We'll never see the end of this. On top of that vat thing, regular savings account interests of some banks are now 1% per annum. Maybe the taxes you pay are even bigger that the interest you are earning if you keep your money in the bank. And if you take out a loan from the bank, they apply usurious rates!

[1D4LV]

FOOTANGNA NILA LAHAT!!!!!

:twisted:

again... wala na akong mai-reaction eh.

[ghosthunter]

same boat ako... meron pa ako pay-lite sa card ko.

[Altis6453]

That's not all. People who are presently paying for their car loan or home loan with the banks. are also going to be hit by the VAT on bank transactions. Haay! I've still got one year left on my car amortization payments. :cry: