More Taxes! Yessss!

[uls]

but i tried to stay on topic with this post in the previous page:

Noynoy is inheriting a large budget deficit

he has campaign promises to fulfill

one of them is to lift the poor out of poverty right?

if he cuts govt spending, he can't help the poor

so he has to go in the other direction -- which is to spend

which means more borrowing

which means more govt revenue goes to debt servicing

which means the govt has to collect more taxes

[daimengrui]

There's a facebook page petition against this tax policy by the President-Elect

http://www.facebook.com/pages/NO-To-...23670894328328

[marg]

kaya sabi ko dati sa ibang thread noong bago pa mag election --

no matter who becomes president, he will be facing the reality of LARGE BUDGET DEFICIT

Not to mention the P4,000,000,000,000.00 Utang of the Pinoys.

[OldSchoolHack]

Para sa ating mga empleyado,- this is a better approach to tax collection,- walang dayaan. Lahat,- pati nandadaya sa pagpa-file ng kanilang income tax,- may dagdag na tama... Does not necessarily mean less spending, though, as these people have more disposable income....(And, I think it is about time that the poor and the "other poor" participate more in nation building...)

Let's see if it will be implemented... Also, how it will be implemented......

9909:gotcha:

Assuming company are HONEST. Pero sabi ko nga local business is 99% nandadaya (mostly multinationals are in the 1%). How many business give "under the table" incentive to top employees? Only blue collar employees receive as is what their pay slip says. Valued ones receive pay slip income plus plus......di ba?

[OldSchoolHack]

Not to mention the P4,000,000,000,000.00 Utang of the Pinoys.

wowwowee.....and i thought the Marcos screw up was over! Looks like only the names changed but the same demons are still here in Philippine society.

[CVT]

Assuming company are HONEST. Pero sabi ko nga local business is 99% nandadaya (mostly multinationals are in the 1%). How many business give "under the table" incentive to top employees? Only blue collar employees receive as is what their pay slip says. Valued ones receive pay slip income plus plus......di ba?

You may be correct there bro. I work for a multinational company and I can say with conviction that every employee in that company pays the right amount of taxes....

9909:gotcha:

[uls]

The incoming admin is gonna have a revenue problem

tariff cuts on fuel, steel etc will reduce govt revenue by about P4B a year

Neda OK’s tariff cuts on steel items
http://businessmirror.com.ph/index.p...news&Itemid=58

ANGELES CITY—The National Economic and Development Authority (Neda) Board has approved the recommendation of the Committee on Tariff Related Matters (CTRM) to reduce tariffs on various items including crude oil, refined petroleum products and asphalt.

Other items with reduced tariff include raw materials for the production of galvanized iron (GI) sheets, refined coconut oil, rice, sugar and chemicals for the manufacture of detergents and plastics.

Reduced tariff for crude oil, petrol products
http://www.op.gov.ph/index.php?optio...27983&Itemid=2

The National Economic Development Board (NEDA) agreed today to eliminate the tariff on crude oil, refined petroleum products, asphalt, rolled coils and other products to help stabilize prices and rein in inflation.

Trade Secretary Jesli Lapus said Department of Trade and Industry (DTI) made the recommendation and was thoroughly discussed at today’s joint Cabinet- NEDA meeting presided by President Gloria Macapagal-Arroyo at the Angeles University Foundation in Angeles City.

Lapus said the tariff reduction for crude oil and refined petroleum products is from three percent to zero that will reduce the pump prices of gasoline and diesel.

For hot-rolled and cold-rolled coils, Lapus said the recommendation is removing tariff from seven percent to zero in the light of the expected rise in the price of galvanized GI sheets in the world market.

“This is a revenue loss for the government but a gain resulting in a lower cost of living for the public,” Lapus said.

Finance Secretary Margarito Teves said the elimination of tariff will result to some P3.4 to P4 billion annual loss in government revenues.

Teves said a draft Executive Order is now being prepared for the President’s signature to include tariff reduction on mixed alkylbenzene (3 to 1 percent); monofilament yarns (10 to 1 percent).

He said tariff on rice will be reduced from 40 percent from 2010-2014 and 35 percent on 2015.

Teves said tariff on sugar will be reduced to 38 percent in 2011; 28 percent in 2012; 18 percent in 2013; 10 percent in 2014; and 5 percent in 2015.

Aside from these products, Teves said tariff on refined coconut oil will be reduced from 10 percent to zero and this product will also be moved from the sensitive list to the normal track of preferred tariff in consistent with the tariff reduction agreement among the members of the Association of South East Asian Nations (ASEAN).

[marg]

I work for a multinational company and I can say with conviction that every employee in that company pays the right amount of taxes....

My uncle is a Tax lawyer for many Multinationals. He says these companies play and twist the tax loopholes to the hilt. They avoid billions in taxes yearly.

[CVT]

My uncle is a Tax lawyer for many Multinationals. He says these companies play and twist the tax loopholes to the hilt. They avoid billions in taxes yearly.

Well bro.,- some companies are more equal than the others.... And, I can only speak for myself.

The most important thing is that you are paying your fair share (of taxes) in nation building.....

You may want to relay that to your Lawyer-uncle....

10K:dance1:

[OldSchoolHack]

You may be correct there bro. I work for a multinational company and I can say with conviction that every employee in that company pays the right amount of taxes....

9909:gotcha:

congrats po. sana maraming ganyan kahit sa locals.

[CVT]

Assuming company are HONEST. Pero sabi ko nga local business is 99% nandadaya (mostly multinationals are in the 1%). How many business give "under the table" incentive to top employees? Only blue collar employees receive as is what their pay slip says. Valued ones receive pay slip income plus plus......di ba?

Based on my limited knowledge and experience, you are correct there bro. I have (executive) friends from other industries who are enjoying "tax shelter" or its equivalents... We don't have that.....

10K:dance1:

[shadow]

what now losers?



http://www.manilastandardtoday.com/i...&d=2010/may/25

Aquino rejects proposal to increase EVAT to 15% by Elaine Ramos-Alanguilan
PRESIDENT-ELECT Benigno Aquino III said Monday he was sticking to his campaign promise of not raising taxes despite the recommendation of Finance Secretary Margarito Teves and a group of UP economists to raise the expanded value-added tax to 15 percent from 12 percent to trim the budget deficit.
“Hopefully, we will not have to raise any taxes,” Aquino told reporters.
“We intend to plug the leakages” in the tax system, he said, adding the proposal to raise the value-added tax was relevant only to the Arroyo administration, which was experiencing “all the leakages.”
Amid the continuing concern over the deficit, the peso on Monday weakened for a sixth day, closing at 46.56 to $1 from Friday’s 46.50 to $1.
“The budget deficit and revenue collection remain the major factors locally,” said Oliver Jimeno, first vice president and treasurer at Chinatrust Bank.
“There seems to be no end in sight for the problems in the euro zone, no concrete solution yet that will calm the markets.”
According to data from the Bureau of Treasury, the national government last month slashed by 40 percent its subsidies to state-owned companies and financial institutions as it struggled to control costs.
From P1.86 billion in April 2009, the total government subsidy to state firms went down to P1.11 billion last month, with the National Telecommunications Commission getting the lion’s share of P1.025 billion.
State subsidies totaled P4.437 billion in the first four months, or 8.3 percent more than the P4.09 billion released last year. The major recipients were National Housing Authority with P1.323 billion, and National Livelihood Development Corp. with P665 million. The Finance Department has projected that subsidies this year will be reduced by nearly 20 percent, and to P14.1 billion from the P17.4 billion.
The budget deficit for the first four months reached P131.6 billion, which was 18 percent higher than last year’s gap. With Bloomberg

[uls]

i'm not pro-anyone or anti-anyone

it's easy for Aquino to say he won't raise taxes now kasi di pa siya nakaupo

but once in office, he will realize that his "plug the leakages" won't be enough

[shadow]

i'm not pro-anyone or anti-anyone

it's easy for Aquino to say he won't raise taxes now kasi di pa siya nakaupo

but once in office, he will realize that his "plug the leakages" won't be enough

you're correct! but from what I understand he's open to the possibility (raising taxes) but not after doing everything first to address the leakages, exhaust all possible means to improve collection w/o making or raising new taxes and if that is not enough then raising taxes is the way to go.

that's what the anti-Noynoy refuse to understand. everything is possible especially if you will inherit a budget depleted Gov't. yes he made a promise during the election that he will not raise any taxes, but really who among the candidates will make their promises after winning the election?

[CVT]

^^^ That is just being consistent with his campaign promise of eliminating/minimizing graft and corruption in his administration. If he's able to rectify this, then, his legacy will be endearing....

10K:dance1:

[badsekktor]

i'm not pro-anyone or anti-anyone

it's easy for Aquino to say he won't raise taxes now kasi di pa siya nakaupo

but once in office, he will realize that his "plug the leakages" won't be enough

you're correct! but from what I understand he's open to the possibility (raising taxes) but not after doing everything first to address the leakages, exhaust all possible means to improve collection w/o making or raising new taxes and if that is not enough then raising taxes is the way to go.

that's what the anti-Noynoy refuse to understand. everything is possible especially if you will inherit a budget depleted Gov't. yes he made a promise during the election that he will not raise any taxes, but really who among the candidates will make their promises after winning the election?

Look at the bright side! aba malay nyo i-downsize ni noynoy ang government! malay nyo nga masiraan ng bait at bawasan ng kalahati ang mga top ranking officials! bawasan ang mga senador, mga congressmen, mga councilors. bawasan ang mga generals! hehehe ika nga naman eh cost cutting! Bawasan pati government employees! For sure kapag ginawa niya yan bawas ng kalahati ang corruption!

[shadow]

sa mga detractors ni Aquino, sinasabi niyo na since nag promise siya na hinde magtaas ng taxes at kailangan niya tuparin yun, can you give suggestion kung paano maayos yun deficit natin?

put money where your mouth is, huwag puro bira meron ba kayong napakagandang solutions to solve our deficit and baka kayo ang kailangan maging President

[vinj]

From my experience, i know of small and medium businesses that have tried in vain to pay the correct taxes. What happens though is the BIR will always look for a loophole to obtain "lagay". All-in-all, tax collections are not getting better but the "lagay" received by the BIR collectors and all related horses are getting bigger.

[donbuggy]

Cost cutting suggestion:

Government vehicles should all be AUVs or jeepneys. No SUVs. No luxury cars.

Even our ambassadors overseas should be riding AUVs or special bodied jeepneys. So what if our representatives will go to official functions in an AUV while other dignitaries arrive in limos. That's what we can afford. Kesa naman naka Mercedes ang ambassador nati pero baon sa utang ang bansa.

[badsekktor]

^^^ That is just being consistent with his campaign promise of eliminating/minimizing graft and corruption in his administration. If he's able to rectify this, then, his legacy will be endearing....

10K:dance1:

I agree! I also wish noynoy would downsize the government workforce. masyadong maraming namumunini sa gobyerno. Look at our Air force... almost half of them are ranking officials.... eh kokonti lang naman ang resources ng airforce....