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Ralph Recto, who authored the 12% VAT to commodities some eight years ago now wants to revert back the said VAT to 10% now.
According to the Senator, the enforcement of 12% VAT before was due to a "need" as it serves as an economic medicine the past years.
“I believe the prescription for the 12 percent VAT as an economic medicine has expired. It's time to lower the dosage,” Recto said in a statement.
Recto said the revenues being produced by the EVAT can be sufficed by the income of PCSO, PAGCOR and Malampaya.
The Senator added that income from the three government corporations should be included in the national budget instead of being an off-budget subject to the full control of the Office of the President.
According to his statement, Pagcor expects a P45-billion gross income this year while PCSO and Malampaya reported a total P31-billion and P43-billion income, respectively, in 2011.
However, whenever his proposal will be granted, he doubts that oil companies will cut down their price.
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