AUTO INDUSTRY NEWS

House Committee exempts toll fees from VAT

House Committee exempts toll fees from VAT image

Text: / Photos: | posted October 04, 2011 15:47

Exempting a tax from being taxed

If the recent fuel price rollback made you smile, then this bit of news just may make your day.

In the House of Representatives, the committee on Ways and Means has exempted toll fees from the value added tax implemented by the Bureau of Internal Revenue.

In a statement, the comitte's chairman, Herminando Mandanas stated that the representatives will be preparing for the plenary debate on the VAT exemption. The chairman of the committee will also ask President Aquino to certify the bill for immediate action.

On October 1, the 12% VAT-inclusive toll rates were implemented; a controversial measure, as arguments were raised on taxing a toll fee, the latter also considered a form of "tax".

"The committee has listened to the people's clamor & has taken the first step in correcting the anomalous tax on tax that the BIR has imposed and which the Supreme Court has upheld," said Rep. Teddy Casiño. The representative also added that they will hasten the bill's passing before the upcoming break

SOURCE: abs-cbnnews.com