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?
20 February –
WORLD DAY OF SOCIAL JUSTICE
“Every day, give everyone their due.
Every day should be Social Justice Day!
The only way”
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
February Observances
1-7 Feb: World Interfaith Harmony Week
01 Feb: World Wetlands Day
02 Feb: International Day of Human Fraternity
04 Feb: International Day of Zero Tolerance
for Female Genital Mutilation
11 Feb: International Day of Women and Girls
in Science
20 Feb: World Day of Social Justice
Monthly Observances:
National Health Insurance Month
Weekly Observances:
Week 1: National Awareness Week
for the Prevention of Child Sexual Abuse
and Exploitation
Week 3: Public Administration Week
Daily Observances:
Feb 1 Constitution Day
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