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?
August 12 –
International Youth Day
“Empowering youth,
building generations!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
August –
Aug 1-7 World breastfeeding week
Aug 9 – International Day of the World’s Indigenous Peoples
Aug 12 – International youth day
Aug 19 – World humanitarian day
Aug 23 – International Day for the Remembrance of the Slave Trade and Its Abolition
Monthly Observances:
Farms Safety Month
Breastfeeding Awareness Month
Weekly Observances:
Aug 17-23: Made in the Philippines
Product Week
Aug 29-Sept 5: Rice and Corn Week
Daily Observances:
Aug 1: Family Planning Day
Aug 9: National Indigenous Peoples Day
Aug 12: International Humanitarian Law Day
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