A LOCAL business leader urged the Department of Trade and Industry (DTI) and other concerned government agencies to closely monitor the prices of goods, including rice, corn and vegetables, because some sellers are already taking advantage of the implementation of the tax reform law.
Frank Carbon, chief executive officer of the Metro Bacolod Chamber of Commerce and Industry, said “everywhere you go, people have been complaining of sudden increase in prices of almost everything in the market.”
This make people think of the too much effects of the Tax Reform for Acceleration and Inclusion (Train) law, he noted.
Carbon said the tax reform law will be implemented maybe this week and the Bureau of Internal Revenue Region 12 through Regional Director Eduardo Pagulayan is still waiting for the guidelines.
He added that several beverage companies have already implemented the price increase on their products from P70 to P100 per case, and the same has been happening on cigarettes, petroleum products, rice, corn, fresh and vegetables.
Carbon said that some businesses are hoarding their stocks so that during the implementation of the new taxes, they will earn much bigger profit by making it appear that they are selling new stocks with much higher prices.
“The DTI and the Department of Agriculture should send out personnel to closely monitor and regulate prices. They should also come out with the suggested retail prices to guide both the sellers and the consumers on proper pricing of goods,” he added.
The implementation of the tax reform law will reduce personal income taxes, but will increase those on cars, tobacco, sugar-sweetened beverages, and fuel.
The Train is the first package of the comprehensive tax reform program envisioned by the Duterte administration, which seeks to correct a number of deficiencies in the tax system to make it simpler, fairer, and more efficient, according to the Department of Finance.
