Thursday, July 1, 2004

IMF & People's Concerns...

Just because our National Government is having problems managing its budget, it does not has the right to pass on to the people its burden. To raise more revenues in the national coffers, our beloved government has become an expert in looking for ways and means to solve this problem. Unfortunately, their creative solutions cause more detriment than advantages.

Creative enough, they are now thinking of charging taxes on text messages, increasing excise taxes on alcohol, cigarettes. Even fruit juices, can you believe that?

And now, an additional burden to the Filipino people is the suggestion that an additional 5% increase be added to our usual 10% VAT rate. As everyone knows,
VAT is charged on the sale of goods and services, including imports. A 10% tax is collected on gross receipts from the sale of goods and services, and this is usually passed on to consumers. According to them, a 15% VAT rate will definitely raise at least P10-Billion for the government.

Thanks to the suggestion of the
International Monetary Fund. As usual, they are practicing this annoying habit of theirs: interfering with a country’s economy.

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It is always refreshing to know what is in your mind. Thanks!