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Showing posts with label DEPARTMENT OF FINANCE. Show all posts
Showing posts with label DEPARTMENT OF FINANCE. Show all posts

Monday, August 07, 2017

OFWs, Low-cost Housing Buyers To Pay Higher Amortizations


Senate Ways and Means Committee question the lifting of the exemption of 12% vat on low cost housing under the proposed tax reform package from the Department of Finance during a hearing recently. Senator Cynthia Villar said that it could potentially harm the OFWs who are working abroad to provide their families a home and lifting the exemption for low cost housing amounting to P3 million is like penalizing them. Under the current system, the low cost housing units with amount P3 million and below are VAT exempted. The proposed lifting of the VAT on housing is designed to fund the government's P9 trillion infrastructure build-up. Finance Undersecretary Tonette Tionko says, the government could raise an additional P6 billion in revenues if the proposal transpires. This revenue could be used to support the government's social welfare program, said the DOF official but Senator Villar believes that the collection will not really go straight to the people. Meanwhile, the Subdivision and Housing Developers Association Inc. said that low cost housing units with prices starting at P450,000 could be more expensive with possible increase on the monthly amortization of up to P3,000. This will also prompt the developers to decrease the production of these housing units and would cause housing backlog to exacerbate. The present housing demand is at 800,000 a year against the developers production of only 180,000 units in a year. Ways and Means Committee chairman Sonny Angara said that the proposal will most likely fail due to the present housing situation in the country. The Department of Finance said that they are still open to address the concerns regarding the tax reform proposal.


Senate Ways and Means Committee question the lifting of the exemption of 12% vat on low cost housing under the proposed tax reform package from the Department of Finance during a hearing recently.

Senator Cynthia Villar said that it could potentially harm the OFWs who are working abroad to provide their families a home and lifting the exemption for low cost housing amounting to P3 million is like penalizing them.

Under the current system, the low cost housing units with amount P3 million and below are VAT exempted.

The proposed lifting of the VAT on housing is designed to fund the government's P9 trillion infrastructure build-up. Finance Undersecretary Tonette Tionko says, the government could raise an additional P6 billion in revenues if the proposal transpires. This revenue could be used to support the government's social welfare program, said the DOF official but Senator Villar believes that the collection will not really go straight to the people.
Senate Ways and Means Committee question the lifting of the exemption of 12% vat on low cost housing under the proposed tax reform package from the Department of Finance during a hearing recently. Senator Cynthia Villar said that it could potentially harm the OFWs who are working abroad to provide their families a home and lifting the exemption for low cost housing amounting to P3 million is like penalizing them. Under the current system, the low cost housing units with amount P3 million and below are VAT exempted. The proposed lifting of the VAT on housing is designed to fund the government's P9 trillion infrastructure build-up. Finance Undersecretary Tonette Tionko says, the government could raise an additional P6 billion in revenues if the proposal transpires. This revenue could be used to support the government's social welfare program, said the DOF official but Senator Villar believes that the collection will not really go straight to the people. Meanwhile, the Subdivision and Housing Developers Association Inc. said that low cost housing units with prices starting at P450,000 could be more expensive with possible increase on the monthly amortization of up to P3,000. This will also prompt the developers to decrease the production of these housing units and would cause housing backlog to exacerbate. The present housing demand is at 800,000 a year against the developers production of only 180,000 units in a year. Ways and Means Committee chairman Sonny Angara said that the proposal will most likely fail due to the present housing situation in the country. The Department of Finance said that they are still open to address the concerns regarding the tax reform proposal.
Meanwhile, the Subdivision and Housing Developers Association Inc. said that low cost housing units with prices starting at P450,000 could be more expensive with possible increase on the monthly amortization of up to P3,000.
Senate Ways and Means Committee question the lifting of the exemption of 12% vat on low cost housing under the proposed tax reform package from the Department of Finance during a hearing recently. Senator Cynthia Villar said that it could potentially harm the OFWs who are working abroad to provide their families a home and lifting the exemption for low cost housing amounting to P3 million is like penalizing them. Under the current system, the low cost housing units with amount P3 million and below are VAT exempted. The proposed lifting of the VAT on housing is designed to fund the government's P9 trillion infrastructure build-up. Finance Undersecretary Tonette Tionko says, the government could raise an additional P6 billion in revenues if the proposal transpires. This revenue could be used to support the government's social welfare program, said the DOF official but Senator Villar believes that the collection will not really go straight to the people. Meanwhile, the Subdivision and Housing Developers Association Inc. said that low cost housing units with prices starting at P450,000 could be more expensive with possible increase on the monthly amortization of up to P3,000. This will also prompt the developers to decrease the production of these housing units and would cause housing backlog to exacerbate. The present housing demand is at 800,000 a year against the developers production of only 180,000 units in a year. Ways and Means Committee chairman Sonny Angara said that the proposal will most likely fail due to the present housing situation in the country. The Department of Finance said that they are still open to address the concerns regarding the tax reform proposal.
This will also prompt the developers to decrease the production of these housing units and would cause housing backlog to exacerbate.
The present housing demand is at 800,000 a year against the developers production of only 180,000 units in a year.
Ways and Means Committee chairman Sonny Angara said that the proposal will most likely fail due to the present housing situation in the country.
The Department of Finance said that they are still open to address the concerns regarding the tax reform proposal. 


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Friday, January 13, 2017

Too Much Gadget?You Will Pay a Penalty! Bill Proposal Filed by a Congressman




Following the controversial measure seeking to impose taxes on beauty products, a Congressman is planning to push for a bill imposing additional taxes on excessive purchases of electronic gadgets as well as appliances.

"We need cellphones but we don't need five or six cellphones or 10 cellphones. That's the aim of this bill, it's just to prevent people from buying too much on a certain product and at the same time generating income for the government," the Congressman said.

 The framework for the proposed tax imposition is still on the works. They are still finalizing issues like what electronic gadgets are needed to be taxed in case of excessive buying, what gadgets are exempted, and how to monitor the buying behavior of a consumer.

According to the Congressman, the tax identification number could be presented to a cashier for monitoring of the number of gadgets purchased and this will appear in the tax records of the person.



The customer could show receipts to the Bureau of Internal Revenue to avail of a tax rebate if the number of items bought did not exceed the limit stated in the bill

Sambar wants to impose a 5% tax, wherein part of the proceeds collected will be allocated for Electronic Waste Disposal and Management Program for old gadgets.




The proposed bill gains negative reactions among the Filipinos.
Following the controversial measure seeking to impose taxes on beauty products, a Congressman is planning to push for a bill imposing additional taxes on excessive purchases of electronic gadgets as well as appliances. "We need cellphones but we don't need five or six cellphones or 10 cellphones. That's the aim of this bill, it's just to prevent people from buying too much on a certain product and at the same time generating income for the government," the Congressman said. The framework for the proposed tax imposition is still on the works. They are still finalizing issues like what electronic gadgets are needed to be taxed in case of excessive buying, what gadgets are exempted, and how to monitor the buying behavior of a consumer. According to the Congressman, the tax identification number could be presented to a cashier for monitoring of the number of gadgets purchased and this will appear in the tax records of the person. The customer could show receipts to the Bureau of Internal Revenue to avail of a tax rebate if the number of items bought did not exceed the limit stated in the bill Sambar wants to impose a 5% tax, wherein part of the proceeds collected will be allocated for Electronic Waste Disposal and Management Program for old gadgets. The proposed bill gains different reactions among the citizen. The Department of Finance said it would look into the bill but it took note that there are already other forms of taxes such as value added tax and importation dues imposed on gadgets and appliances.

Following the controversial measure seeking to impose taxes on beauty products, a Congressman is planning to push for a bill imposing additional taxes on excessive purchases of electronic gadgets as well as appliances. "We need cellphones but we don't need five or six cellphones or 10 cellphones. That's the aim of this bill, it's just to prevent people from buying too much on a certain product and at the same time generating income for the government," the Congressman said. The framework for the proposed tax imposition is still on the works. They are still finalizing issues like what electronic gadgets are needed to be taxed in case of excessive buying, what gadgets are exempted, and how to monitor the buying behavior of a consumer. According to the Congressman, the tax identification number could be presented to a cashier for monitoring of the number of gadgets purchased and this will appear in the tax records of the person. The customer could show receipts to the Bureau of Internal Revenue to avail of a tax rebate if the number of items bought did not exceed the limit stated in the bill Sambar wants to impose a 5% tax, wherein part of the proceeds collected will be allocated for Electronic Waste Disposal and Management Program for old gadgets. The proposed bill gains different reactions among the citizen. The Department of Finance said it would look into the bill but it took note that there are already other forms of taxes such as value added tax and importation dues imposed on gadgets and appliances.

The Department of Finance said it would look into the bill but it took note that there are already other forms of taxes such as value added tax and importation dues imposed on gadgets and appliances.
Following the controversial measure seeking to impose taxes on beauty products, a Congressman is planning to push for a bill imposing additional taxes on excessive purchases of electronic gadgets as well as appliances. "We need cellphones but we don't need five or six cellphones or 10 cellphones. That's the aim of this bill, it's just to prevent people from buying too much on a certain product and at the same time generating income for the government," the Congressman said. The framework for the proposed tax imposition is still on the works. They are still finalizing issues like what electronic gadgets are needed to be taxed in case of excessive buying, what gadgets are exempted, and how to monitor the buying behavior of a consumer. According to the Congressman, the tax identification number could be presented to a cashier for monitoring of the number of gadgets purchased and this will appear in the tax records of the person. The customer could show receipts to the Bureau of Internal Revenue to avail of a tax rebate if the number of items bought did not exceed the limit stated in the bill Sambar wants to impose a 5% tax, wherein part of the proceeds collected will be allocated for Electronic Waste Disposal and Management Program for old gadgets. The proposed bill gains different reactions among the citizen. The Department of Finance said it would look into the bill but it took note that there are already other forms of taxes such as value added tax and importation dues imposed on gadgets and appliances.

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