- Senator Bam Aquino filed a bill to reduce VAT from 12% to 10% to help cushion the economic impact of the Middle East conflict, especially for middle-class families and workers.
- The proposed measure aims to lower VAT on all goods and services, including petroleum products, to provide immediate relief and promote long-term economic stability amid rising fuel costs and inflation.
- Aquino emphasized that the middle class, who do not receive government aid, are increasingly burdened by high prices due to the ongoing oil crisis.
- He argued that lowering VAT would increase disposable income, support businesses, protect jobs, and stimulate economic activity.
- Aquino acknowledged potential revenue losses and called for stronger tax administration to maintain funding for public services.
Source: sunstar.com.ph
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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