Connect with us

Hi, what are you looking for?

Economy

House body merges various bills on tax-free vaccines

THE House Committee on Ways and Means said it voted to consolidate bills making permanent the tax-exempt and duty-free status of imports of coronavirus disease 2019 (COVID-19) vaccines.

In a virtual hearing Monday, the committee approved in principle a substitute bill that will grant the exemptions to various types of medicine and vaccine, including those used for the COVID-19. Medical equipment and supplies are also covered by the measure.

Muntinlupa Representative Rozzano Rufino B. Biazon said in the explanatory note of a bill that was consolidated that the government “must, at all times, be ready to respond to public health emergencies effectively and efficiently to cushion their effects and prevent them from becoming disasters… Government must willingly give up these revenue sources as it will redound to more lives saved.”

According to Albay 2nd District Rep. Jose Maria Clemente S. Salceda, the recently approved Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act allows VAT-free and duty-free imports of COVID-19 medicines and vaccines only until 2023. CREATE is currently awaiting the President’s signature.

“(CREATE) is only good for three years. (In this bill), this one is good for forever,” he said during the committee meeting on Monday.

Mr. Salceda said in a statement that the tradeoff for the foregone revenue will be the prospect of a prompt reopening of the economy.

“(W)e are losing some P20 billion in economic output due to delays in vaccination. So, the revenue impact of these bills matters very little to me, in view of their overwhelming economic importance,” he said.

A committee report is expected after the bills are consolidated. The report will be forwarded to the Committee on Rules. — Gillian M. Cortez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

People walk inside the Marikina Public Market, July 28. — PHILIPPINE STAR/ MICHAEL VARCAS By Kyle Aristophere T. Atienza and Jenina P. Ibañez, Reporters...

Economy

By Kyle Aristophere T. Atienza and Beatrice M. Laforga, Reporters THE LAST TWO packages under the comprehensive tax reform program, as well as a...

Economy

THE BUREAU of the Treasury (BTr) has set a P200-billion borrowing program for August as it expects sustained demand for government securities. The BTr’s...

Economy

By Beatrice M. Laforga, Reporter THE Bureau of Internal Revenue (BIR) suspended a regulation that would have increased the corporate income tax for nonprofit...

Economy

THE World Bank (WB) and the Philippine government recently signed an agreement for the $280-million (P14-billion) additional financing for a rural development program that...

Economy

CEBU Landmasters, Inc. (CLI) is venturing into resort development as the listed Visayas-Mindanao property company disclosed on Wednesday a P2.5-billion project that will beef...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!