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.