The chair of the Senate ways and means committee expressed misgivings on Tuesday about the wisdom of lowering the 12-percent value-added tax (VAT) to 10 percent. “Proposals for a lower VAT are well-intentioned but perhaps we have to also consider the people’s many needs,” Sen. Sonny Angara said in a text message. In May, inflation rose to a five-year high of 4.6 percent, fueling calls for the suspension of the TRAIN law. Lacson’s proposal“If this [suspending the excise on fuels] is not viable, then we can take up TRAIN 2 and amend it. Sen. Panfilo Lacson, who voted against the TRAIN Act, earlier proposed lowering the consumption tax to 10 percent as well as reducing the number of exemptions from VAT, which stood at 143, instead of raising excise on fuel.

Source: Philippine Daily Inquirer June 12, 2018 21:56 UTC