Category: taxes

NO to BBM’s Maharlika Wealth Fund!

“Honorable Senators of the Republic” by Diwa C. Guinigundo https://www.bworldonline.com/opinion/2023/02/16/505267/honorable-senators-of-the-republic/

“Investing a mountain of debt?” by  Diwa C. Guinigundo https://www.bworldonline.com/opinion/2023/01/12/498061/investing-a-mountain-of-debt/

“In the bag, ho ho ho!” by Manuel L. Quezon III
https://opinion.inquirer.net/159692/in-the-bag-ho-ho-ho

“More critical than Maharlika” by Cielito F. Habito
https://opinion.inquirer.net/159649/more-critical-than-maharlika

“Maharlika is the new government” by Ma. Lourdes Tiquia https://www.manilatimes.net/2022/12/20/opinion/columns/maharlika-is-the-new-government/1870966

“Will Marcos Jr. take up Maharlika Fund at Davos?” by Satur C. Ocampo  https://www.philstar.com/opinion/2022/12/17/2231329/will-marcos-jr-take-maharlika-fund-davos

“Maharlika muddle” by Stephen CuUnjieng https://www.manilatimes.net/2022/12/16/opinion/columns/maharlika-muddle/1870530

“Maharlika foolish, corrupt – critics” by Jarius Bondoc
https://www.philstar.com/opinion/2022/12/14/2230635/maharlika-foolish-corrupt-critics

“ENRILE URGES MARCOS: Review Maharlika bill” https://www.manilatimes.net/2022/12/14/news/review-maharlika-bill/1870127

“Upping the ante by doubling down” by Manuel L. Quezon III
https://opinion.inquirer.net/159500/upping-the-ante-by-doubling-down

“Why the Sovereign Wealth Fund is still problematic on many levels” by Andrew J. Masigan
https://www.philstar.com/opinion/2022/12/14/2230636/why-sovereign-wealth-fund-still-problematic-many-levels

“Decorative” by Alex Magno
https://www.philstar.com/opinion/2022/12/13/2230386/decorative

“Maharlika Wealth Fund: Devil is in the details” by Teresa S. Abesamis
https://www.bworldonline.com/opinion/2022/12/13/492801/maharlika-wealth-fund-devil-is-in-the-details/

“Imploding” by Alex Magno https://www.philstar.com/opinion/2022/12/10/2229774/imploding

“Who Wants the Maharlika Wealth Fund?” by Solita Monsod https://marengwinniemonsod.ph/2022/12/10/maharlika-wealth-fund/

Maharlika Investment Fund ‘beyond repair,’ says Economist & National Scientist  Raul Fabella https://newsinfo.inquirer.net/1703562/mif-beyond-repair-says-natl-scientist-in-economics

Economist Winnie Monsod reacts to Maharlika Fund proposal [“Ridiculous!”] https://www.youtube.com/watch?v=919ww8jbzBk

“Fumble” by Boo Chanco https://www.philstar.com/business/2022/12/09/2229496/fumble

“Maharlika conundrum” by Stephen CuUnjieng https://www.manilatimes.net/2022/12/09/opinion/columns/maharlika-conundrum/1869617

“Death blow for a dumb idea” by Ben Kritz https://www.manilatimes.net/2022/12/08/opinion/columns/death-blow-for-a-dumb-idea/1869481

“Blink thrice if you don’t mean it” by Manuel L. Quezon III https://opinion.inquirer.net/159368/blink-thrice-if-you-dont-mean-it

“Defeat” by Alex Magno https://www.philstar.com/opinion/2022/12/06/2228787/defeat

“Drop the Maharlika fund” by Cielito F. Habito https://opinion.inquirer.net/159331/drop-the-maharlika-fund

“Maharlika Fund idea is incredibly obtuse like, ‘what are we in power for?'” by Yen Makabenta  https://www.manilatimes.net/2022/12/06/opinion/columns/maharlika-fund-idea-is-incredibly-obtuse-like-what-are-we-in-power-for/1869196

“Business groups, economists issue joint statement on ‘Maharlika’” by Ma. Stella F. Arnaldo https://businessmirror.com.ph/2022/12/06/business-groups-economists-issue-joint-statement-on-maharlika/

“Are we ready for a sovereign wealth fund?” by Randy David https://opinion.inquirer.net/159282/are-we-ready-for-a-sovereign-wealth-fund

“Cronies wealth fund?” by Boo Chanco  https://www.philstar.com/business/2022/12/05/2228516/cronies-wealth-fund

“The Maharlika Fund: A Pricey Stud Or A Milking Cow?” by Heneral Lunacy https://heneralunacy.wordpress.com/2022/12/05/the-maharlika-fund-a-pricey-stud-or-a-milking-cow/

“Keep your hands off our SSS, GSIS money” by Jarius Bondoc https://www.philstar.com/opinion/2022/12/02/2227919/keep-your-hands-our-sss-gsis-money

“Maharlika Fund: Dubious, pretentious and self-serving” by Sonny Africa https://www.ibon.org/maharlika-fund-dubious-pretentious-self-serving/

“The Maharlika Wealth Fund” by Filomeno S. Sta. Ana https://www.bworldonline.com/opinion/2022/12/04/490838/the-maharlika-wealth-fund/

“13 reasons why WE OPPOSE House Bill 6398 (Maharlika Investment Fund/PH Sovereign Wealth Fund)” by David Michael San Juan https://www.facebook.com/lastrepublic/posts/pfbid0scC3HnBcZyvpdS1fr7ZP1j1ZH2jyUW1vcYgnBAk6mmUoWnmLC1Pxp4iUcdBfUengl

“Galawang Marcos. Another Corruption Scheme in the Making!” by Ed Lingao https://www.facebook.com/100083035164368/videos/679806213550044/

“More fun(d) in the Phl” by Ana Marie Pamintuan https://www.philstar.com/opinion/2022/12/05/2228532/more-fund-phl

“tax reforms” para kanino?

President Duterte will leave behind 40 finished flagship infrastructure projects worth P365.2 billion by the end of his term, such that his economic team wants the succeeding Marcos Jr. administration to prioritize infrastructure development, to be partly funded by another round of tax reforms, under the proposed fiscal consolidation and resource mobilization plan.

That’s from Inquirer‘s “Marcos urged to sustain infra devt., tax reforms“.

Ito ang sagot sa Facebook ng abogadong si Ruben Carranza na dating PCGG commissioner, now with the International Center for Transitional Justice (ICTJ), New York.

CARRANZA. … ang “tax reforms” ay pinagandang tawag lang sa pag-taas ng buwis at ang maniningil nito ay pamilyang ayaw magbayad ng buwis. Dapat lang magalit sa kabastusan ng sitwasyon na yan: nagnakaw na ng $10B, hindi nagbabayad ng P23B at ngayon sila pa ang pipiga ng dagdag na buwis sa 110M na Pilipino? [At tandaan na kasama sa magbabayad ng mataas na buwis na yan ang 31M, 14M at lahat ng milyon na hindi man lang botante].

MERON PA AKONG REKLAMO tungkol diyan sa mapaglinlang na “tax reforms.” Sino ba ang may gusto nito (at bakit “reform” ang tawag nila)? Ang may gusto nito ay ang mga dayuhang nagpapautang sa mga ‘developing country’ katulad ng Pilipinas at ang International Monetary Fund o IMF na mas concerned pa na mabayaran ang nagpapautang maski mamatay na sa gutom ang mga sinisingil ng mas mataas na buwis.

“Reform” lang yan para sa mga naninigurong mabayaran sila ng utang at wala silang paki-alam kung ang perang inutang ay ninakaw — ganyang pag-paparaya sa korupsiyon ang ginawa ng IMF (at World Bank) noong panahon ni Marcos Sr. Halimbawa, umabot na sa $18B ang utang ng Pilipinas noong 1981, pero si Marcos Sr, niregalohan pa si Imelda ng apat na building sa New York na ang isa lang ay $71M ang halaga!

FINALLY: ang ganitong style ng pagkakasulat ng mga balita tungkol sa taxes [at] ekonomiya — na para bang mga malalaking kapitalista at ekonomista lang ang magbabasa at maapektuhan ng balitang “tax reforms” — ang nakakapagpalalá ng fake news. Kung hindi mabasa o maintindihan ng ordinaryong botante ang balitang tax increase na disguised as “tax reform,” madaling maipasa ito ng mga gobyernong manloloko. Ang “business news” ay para din dapat sa manggagawa at dapat isulat sa paraang maiintidihan ng mas marami. At ito yung isa pang dahilan kung bakit madaling makapag-kalat ng kasinugalingan si Marcos at Duterte — ang ganitong news reporting tungkol sa ekonomiya na nakakatulong kay Marcos at Duterte para itago ang kanilang pagiging ipokrito sa mga salitang “tax reforms.” cc: [Sino ba ang “business news editor” ng Inquirer?]

Salamat kay Carranza for calling out business news editors and reporters na kung magsulat at magreport tungkol sa “tax reforms” ay walang bahid ng kritisismo–para bagang aprub na aprub sila, gayong pigang-piga na ang nakararaming taxpayers na hindi naman totoong nakikinabang.  Time to level up, guys.

Beating the TRAIN

Milwida M. Guevara

… The TRAIN corrects some of the infirmities in the tax system but adds some more.  By opening more gaps, there are various ways by which taxpayers can get ahead of the station before the TRAIN does.

1  It is better to incorporate than to run a business as an individual. The highest rate on individual taxpayers will be 35% compared to 30% if he incorporates. If he pays himself in the form of a dividend, instead of wages, his tax burden will even be lower at 10%.

2  It is even better to organize the business into a cooperative. Cooperatives remain exempt from income taxation, including the VAT — except for electric cooperatives whose exemption has been withdrawn.

3  I cannot understand the preferential treatment for pickups. The TRAIN exempts them from excise taxation. Could it be that some lawmakers are in the pickup business (pun not intended)? But, nevertheless, shift your preference for pick- ups to escape the excise tax.

4  For taxpayers going to the great beyond, postpone the date until the Implementing Rules are formulated. The transfer tax has been lowered from 20% to 6%. Plus, the deductions have been brought up to P5.0 million pesos. And, several tax reliefs are given – family homes valued at P10.0 million are exempt, and the tax can be paid by the heirs in installment within a two-year period.

5  Postpone giving donations until next year. The donor’s tax has been lowered from 20% to 6%. Now it does not make a difference if you transfer your wealth while you are alive or when you have gone to the great beyond.

6  Do not rent houses for more than P15,000 a month – otherwise the rent will be subject to VAT. Do not buy houses that are more than P2.0 million. Buy adjoining  units that are P2.0 million each to escape the VAT.  And then later, connect the houses or rebuild them to give way to a much bigger house.

7  If you must get sick, choose diabetes and hypertension over cancer. Prescription medicine for these ailments is VAT exempt.

8  If you have not converted the engine of your motor vehicle to diesel, do so now. The preferential rate for diesel remains. Compare P2.50 per liter with P7.00 on unleaded gasoline in 2018.  And stick with diesel, by 2020, the tax rate will be at P4.50 compared to P10.00 for unleaded gas.

9  There is even a bigger advantage for cars powered by LPG. The tax rate is only P1.00 and will remain at P2.00 in 2020.

10  And, start patronizing tea and coffee from Starbucks, UCC, Bo’s, Coffee Bean, among others. The sweetened beverages that are prepared in these cafes will not be subject to the excise tax. Of course, it would be better to drink mineral water, including Evian and Pellegrino.  They are not subject to excise tax.  Beverages that are sweetened by sugar from coconut are also free from tax.

11  But the biggest winners are producers of motor vehicles. The excise tax rate has been lowered on those that are priced above P600,000. They used to be subject to rates ranging from 20% to 60%.   Now the tax rate has been lowered to 10% -50%.   I wonder why.

Indeed some are more blessed than the others when it comes to public policies.

waiting for cocoy, what about sotto, calling out grace

sometime during the senate hearing on fake news by the committee on public info and mass media last wednesday, i said on my facebook wall that i found the talk refreshing, it was good to see and hear edwin lacierda, abigail valte, and manolo quezon, nakaka-miss ang intelligent discourse. (public status. 13 likes.)  we kinda took it for granted back in pre-duterte days.

not that the trio said much, except to deny that they were responsible in any way for the anonymous dilawan blog silent no more or that its webmaster was once part of pNoy’s comms team — though cocoy dayao wasn’t around to confirm the denial, so correct me if i heard wrong — and to demand that rj nieto prove his allegations, produce evidence, that mar roxas was responsible for the nasaan-ang-pangulo anti-pNoy campaign in the time of mamasapano.  nag-buckle lang si lacierda on the question of whether he is part (or something like that) of silent no more, and justifiably, because does one become a part of silent no more when one “likes” and / or shares the link of any of its blog posts on facebook?

smart of cocoy dayao not to show up.  but he should show up next time or he might have to go into hiding and then be tracked down by the cops a la ronnie dayan, ewww.  that would be so uncool.  cool would be if he came to the next hearing with bells and whistles, including a hotshot IT lawyer.  i expect that he would refuse (even in an executive session) to name his clients, i.e., the writer/s and / or owners of silent no more (and other anonymous blogs under his admin) on grounds of confidentiality.  it would be a test case on a citizen’s right to anonymity and privacy.

it would be interesting to see how sotto, and other feeling-aggrieved senators, will deal with that.  sotto, in particular, who was tagged a rapist in the controversial seven-sens post (6,600 likes, 2066 shares, 780 comments) has reason to cry LIBEL!  but then that would mean opening himself up to questions re the pepsi paloma rape case back in 1982.  under oath he would be crazy to insist that no rape happened as he has claimed in recent years.  the rape hit the front pages just 35 years ago.  marami kaming adults na noon na buhay pa ngayon, and we remember what a scandal it was, and we still marvel at how they managed to get away with it, dared brazen it out, the show must go on, eat bulaga!  no fake news that.

and because dayao was a no-show, napagtuunan tuloy ng oras at pansin at puna si mocha uson, duterte’s social media muse (5 million followers), at si rj nieto aka thinking pinoy (700K followers) who is second only to mocha when it comes to bashing dilawans and others critical of duterte, imagining scenarios based on iffy data, yet whom committee chair grace poe couldn’t praise enough for his “neutrality” and “excellent research,” never mind the times that nieto has had to issue “errata” dahil nagkamali, tao lang daw.  argh.  i’ve been blogging 10 years now and i don’t remember ever having to issue an erratum.

anyway, the next morning, on my fb newsfeed, a u.p. prof was wishing for the likes of recto, laurel, salonga and santiago in the chamber; the discourse would have been so radically different daw. (for fb friends only. 142 likes and counting.)  hmm.  miriam too?  “I lied!” was one of her favorite punchlines.

pero recto, laurel, salonga, oo naman, except what’s the point in wishing for better, based on a romanticized past, when there’s work to do confronting what is, now, and looking to the future.  roby alampay, tony la viña, and florin hilbay were outstanding.

as for senator poe, she can redeem herself by pushing through with the committee’s promise to plug legal loopholes that allow bloggers earning undeclared income from advertisements to avoid payment of taxes.  and senator nancy binay is right, tax also the so-called “influencers” promoting products and services on their social media accounts, said to be an underground billion (peso) industry.  better late than never.