Ramos to relax new tax<\/p>\n
MANILA (AFP): President Fidel Ramos has agreed to exempt more
\nsectors from the expanded value-added tax (VAT) passed last month
\nin an apparent attempt to ease opposition against the new levy.<\/p>\n
Finance Secretary Roberto De Ocampo said that in a meeting
\nwith congressmen and cabinet members yesterday, Ramos reiterated
\nthe VAT was an \"important measure\" as it was needed to fund local
\ngovernment projects.<\/p>\n
But the government also agreed to exempt more sectors from
\nVAT, including textbooks, religious articles and small
\ncooperatives.<\/p>\n
Ramos further agreed to exempt small enterprises from paying
\ntax registration fees required for all businesses.<\/p>\n
De Ocampo said government officials had been instructed to
\nconduct dialogue with various opposition groups calling for the
\nrepeal of the VAT, which was supposed to raise some 8.3 billion
\npesos (US$296 million) a year.<\/p>\n
Passage of the VAT was deemed crucial for Manila to shrink its
\ndeficits and obtain a new 684 million dollar credit facility with
\nthe International Monetary Fund (IMF).<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ramos-to-relax-new-tax-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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