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MANILA, Philippines — Albay 2nd District Rep. Joey Salceda has warned the general public that proposals for worth added tax (VAT) exemptions on some fundamental commodities would solely weaken the peso additional.
Salceda, chairperson of the Home of Representatives methods and means committee which tackles taxation issues, additionally famous in an announcement that a number of the merchandise talked about by the Makabayan bloc’s proposal are already VAT-exempt like sugar, beef, fish, salt, charcoal, and firewood.
Solely canned items, bread, biscuits, soaps, and candles weren’t but VAT-exempt below the mentioned proposal. Nevertheless, he mentioned that together with these within the VAT exemptions would trigger a deficit — and if the federal government…
Carry on studying: Salceda warns: Makabayan’s bid to scrap VAT of some items could weaken peso additional
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