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Tuesday, May 23, 2017

Tax To Be Imposed On House Rentals, OFW Remittances


If Tax Reform Bill pushed by the House of Representative will succeed, approximately, 1.5 million renters in Metro Manila and other parts of the country will be affected.  This is according to Representative Carlos Zarate of Bayan Muna.  According to Zarate, the Duterte Administration is planning to impose a tax on apartment and housing rentals as well as money remittances like pera padala.




(Is tax reform bill in House anti-poor? Lawmaker weighs in)

If Tax Reform Bill pushed by the House of Representative will succeed, approximately, 1.5 million renters in Metro Manila and other parts of the country will be affected.

This is according to Representative Carlos Zarate of Bayan Muna.

According to Zarate, the Duterte Administration is planning to impose a tax on apartment and housing rentals as well as money remittances like pera padala.

(Suporta ng ilang kongresista sa Tax Reform Package ni Duterte, binawi)



(Comprehensive tax reform package, lusot na sa committee level ng Kamara)

He said apartment and house rentals and remittances will be covered by the 12-percent value added tax (VAT).

If the bill is passed, people who pay less than ₱12,800 monthly for rent will have to shell out additional 12%.

Zarate gives example to those whose rents were ₱9,000 per month, for example, would have to pay an additional ₱1,080 per month — or ₱13,000 a year.

Currently, monthly rental of up to P10,000 a month is VAT-exempt.

(Watch:DOF: Tax reform package not anti-poor)





In terms of money remittance Vat, Zarate said, this will impose higher fees to be paid by workers including Overseas Filipino Workers who is sending money to their families back home.

He said the 12-percent VAT would cover formal channels like banks and remittance centers as well as pera padala through text messages.


(The World Tonight: Tax reform needed for massive infra program according to DOF)

Because of this Zarate warned President Duterte that the supposed reforms on tax would increase the prices of good and services.

“The bill is anti-poor, whom the President has repeatedly promised to protect and lift from poverty,” he said.

He said the proposed P6 tax on diesel, kerosene, liquefied petroleum gas, and bunker oil for electricity would have a “domino effect” on transportation cost, fares, consumer prices, and power rates.

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