SCS/rhb
MANILA — The Department of Trade and Industry (DTI) assures the market of its strengthened monitoring as the new tax law took effect on New Year’s Day.
In a press conference Thursday, DTI Secretary Ramon Lopez said the agency has deployed several monitoring teams in Metro Manila and also across the country to ensure that business establishments are not taking advantage of the Tax Reform for Acceleration and Inclusion (TRAIN) Act for them to increase prices of goods.
Lopez mentioned there are seven teams roving within the National Capital Region and 15 teams nationwide, with the help of DTI regional offices, for price monitoring.
Lopez reiterated that there should be no hike in prices of petroleum products and sugar-sweetened beverages this week or until Jan. 15 or Jan.21, since inventories and buffer stocks of these products currently in the market were from the period when the TRAIN law was not yet implemented.
He said the DTI would come up with a decision before the weekend mandating establishments to maintain prices of fuel and sugar-sweetened beverages until Jan.15 or Jan. 21.
The DTI chief added that prices of goods in the market remain stable based on the agency’s market monitoring.
Among the provisions of the TRAIN Act that will impact consumers include the excise tax on fuel and sugar-sweetened beverage (SSB) tax.
The new law imposed PHP2.50 per liter excise tax on diesel and PHP7 per liter for regular and unleaded premium gasoline.
It also levied a PHP6 per liter tax on beverages using caloric and non-caloric sweeteners and PHP12 per liter for beverages using high fructose corn syrup.
These new taxes aim to offset revenue losses as the TRAIN law also lowers tax rates of 99 percent of the individual income taxpayers. (PNA)