Thursday, September 29, 2011

Toll Vat will be implemented on Saturday


Implementation of the 12 percent Value Added Tax (VAT) at tolls despite of the situation of our country because of calamities all around the regions of Luzon.

The implementation will be start on October 21, 2011 for all passers through toll gates going in and out of Metro Manila.However, it was defined by the Bureau of Internal Revenue (BIR) Commissioner Kim Henares that the fares should not increase and also the prices of food when the VAT is implemented on Saturday.

Base on their computation, each mile will only impact 1.6 cents and just .04 percent for the amount of food. Kim Henares also said that if their will be an increase in any, that will be fraud and exploitation of the public. The VAT should not affect anything and that is will harm nothing.

Officials also added that only a temporary restraining order (TRO) of the Supreme Court may suspend the collection and the critics was wrong that President Benigno "Noynoy" Aquino III can hinder the collection of taxes.

In the assessment of BIR, the Philippines will earn P2.3-P3 billion per year when the VAT on tolls will be implented.

Henares also belittled the warning of possible outbreak of the constitutional crisis ifMalacaƱang insist on VAT implementation toll. Henares also said that failure to the Supreme Court decision could create a crisis in the constitution.

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