Emerging Trends in Entrepreneurship

Topics: Tax, Progressive tax, Indirect tax Pages: 3 (845 words) Published: February 13, 2013
My reaction in syntax law ,I`am so happy when the syntax law is now on the law that many people will minimize their(bisyo)The Recto bill was not well-received by the various sectors championing sin tax reform as it sought to retain the multitiered system and increase excise tax collection from tobacco and alcohol products by only P15 billion to P20 billion in the first year of implementation. This is significantly lower than the P31.35 billion that House Bill 5727, already passed on third reading, projects to raise, and an even farther cry from the P60.63-billion goal originally proposed by the Department of Finance. Senator Drilon’s substitute bill features an expected excise tax collection of P40 billion to P45 billion in the first year. Congress will adjourn for the holidays in six weeks, and there will be just three weeks of sessions next year before our legislators switch to campaign mode for the 2013 elections. Moreover, the Senate is also scheduled to begin deliberations on the proposed 2013 General Appropriations Act by next week. Thus, the need for the Senate to act and move the sin tax bill forward gains even greater urgency. Certainly, the passage of the sin tax bill has the full backing of the Aquino administration, which plans to use the revenue from the revised sin tax system to advance the government’s universal health care agenda. The campaign has garnered strong public support as well, particularly from the medical and health community. Last May, the Makati Business Club submitted its position to the House ways and means committee on the pending sin tax bill. In its statement “Tax Reform for a Healthier and Competitive Society,” the MBC said it “welcomes the initiative to reform excise taxes on tobacco and alcohol products, which would allow the government to optimize its revenue potential and create a strong disincentive for excessive tobacco and alcohol use.” The MBC declared that it supports the shift in the excise tax system on tobacco and...
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