DAVAO CITY — “The country needs more revenue bills as a further defense against the global financial crunch.”
Davao Oriental first district Representative Nelson Dayanghirang expressed his support to the call of President Gloria Macapagal-Arroyo and urged the House Representatives to focus and prioritize the passage of revenue bills.
Dayanghirang believes that, as soon as the Lower House resumes session, supporters of the administration would back up and initiate the movement of tax bills such as excise taxes on cigarettes and alcohol, telecommunication tax, and rationalization of fiscal incentives.
In her latest Legislative-Executive Development Advisory Council (Ledac) meeting, President Arroyo stressed her intention of having these bills approved in the Lower House. Dayanghirang is optimistic that these proposals would get enough supporters, as this would pour in additional government revenues.
“This will benefit the country as we would now tax cigarette and alcohol and at the same time campaign for a healthy living,” he said.
Meanwhile, Finance Secretary Margarito Teves is personally pushing for these revenue measures especially now that there had been a decrease of value-added tax collections brought about by the consumption slump. Teves is campaigning for the passage of revenue bills, which he believes should be the major concern of both houses.
Economic managers have estimated revenue generation of up to 21 billion pesos annually with the rationalization of excise taxes on cigarettes and alcohol products. The country may also generate 5 billion from the Simplified Net Income Taxation system. Also, the fiscal incentives bill could pour in as high as 10 billion pesos. (PIA)
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