These numbers support their claim that tax reform isn’t the culprit.
The Department of Finance dismissed critics of the Tax Reform for Acceleration and Inclusion (TRAIN) law, saying that it is not the biggest factor driving prices of goods up.
Finance Undersecretary Gil Beltran schooled senators during a recent hearing, saying that the recent spike in inflation was largely due to record-high rates of global crude prices.
Beltran explained that petroleum prices went up by 34 percent year-on-year during the first quarter, but only 7 percent is attributable to TRAIN.
“The rest (27 percentage points) is a result of the higher world prices of crude oil and the peso depreciation,” Beltran said a statement.
“Higher crude oil price and currency depreciation account for P9.10 or 22 percent of retail price, while additional excise tax on fuel arising from the TRAIN contributed less at P 2.80, including additional VAT, or 7 percent of retail price.”
Will this end calls to repeal the tax law once and for all?
Nov 16 – International Day for Tolerance
“No more toleration of corruption!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
November
Nov 2 – Intl Day to End Impunity for
Crimes Against Journalists
Nov 9 – World Science Day for Peace
and Development
Nov 16 – International Day for Tolerance
Nov 19 – World Toilet Day
Nov 20 – World Children’s Day
Nov 25 – Intl Day for the Elimination of
Violence Against Women
Monthly Observances:
Homes Safety Month
Filipino Values Month
National Rice Awareness Month
National Consciousness Month
for Punctuality and Civility
Environmental Awareness Month
National Children’s Month
Organic Agriculture Month
Weekly Observances:
Nov 19-25: Global Warming and
Climate Change Consciousness Week
Nov 23-29: National Girls’ Week
Population and Development Week
Nov 25 – Dec 12: Social Welfare Week
18-Day Campaign to End
Violence against Women
Week 2: Week 3: Drug Abuse Prevention
and Control Week
Last Week: Safety and Accident
Prevention Week
Daily Observances:
Last Saturday: Career Executive Service
Day
Nov 19: National Child Health Day
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