House Committee headed by Quirino Rep. Cua OKs bill seeking increase of VAT collections
The House Committee on Ways and Means, chaired by Quirino Lone District Rep. Dakila Carlo E. Cua, has given the go-signal for the enactment of a bill aimed at increasing value-added tax collections.
Approved was House Bill 4601 even as the members of the committee called for swift plenary action on the proposed law.
The politiko said this will be done by ensuring efficient and accurate data information through interconnectivity between the Bureau of Internal Revenue (BIR) and businesses using cash register machines or point-of-sale machines.
Cua said data information interconnectivity between the BIR and taxpaying businesses has become very vital need for government to guarantee efficiency and accuracy in VAT collection.
He said government can be assured of additional revenues under an improved tax administration system.
“Tax administration is the heart of taxation. However, given the country’s tax laws as to what and how much to be taxed, it is still the system of tax collection which is the be-all and end-all of every government’s fiscal standing,” Cua disclosed.
The politiko said tax collection brings revenues for the government and indeed effective tax administration is indispensable.
House Bill 4601 aims to create data linkages between the BIR and the country’s taxpayers who utilize business machines, remove burdensome compliance requirements, and promote transparency in businesses with bulk transactions.
“If enacted into law, the measure will greatly help in the early detection of misdeclaration done by unscrupulous taxpayers, thereby reducing or removing errors in the reporting of sales and purchases,” he added.
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