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july27.2014Solons seek exemption of jewelry industry from excise tax collection

july27.2014Solons seek exemption of jewelry industry from excise tax collection

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Solons seek exemption of jewelry industry from excise tax collection
Solons seek exemption of jewelry industry from excise tax collection

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Published by: pribhor2 on Jul 28, 2014
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07/28/2014

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Solons seek exemption of jewelry industry from excise tax collection
Two lawmakers are seeking the removal of the excise tax on jewelry items to enhance thecompetitiveness and growth of the country’s jewelry industry.Subjecting the jewelry industry to taxes have proven to be unjust and inequitable as it hasdriven the industry underground, according to eps. Susan !ap "#
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 $istrict, Tarlac% and $akila&arlo &ua "'one $istrict, (uirino%, authors of )ouse *ill +- seeking the removal of excise taxon jewelry.t present, !ap said jewelry items are subjected to an excise tax of #/ percent and valueadded tax of -# percent.0side from driving the industry underground, the unjust and inequitable taxes haveresulted in the proliferation of smuggling to the detriment of those jewelry enterprises trying tosurface from the underground,1 said !ap, chairperson of the )ouse &ommittee on eforestation.Since the industry has been driven underground, she said collections for excise tax have been negligible over the years. 2ith the passage of epublic ct 34/#, otherwise known as the5ewelry 6ndustry $evelopment ct of -773, income tax collections from the industry for #//-amounted to 89#.# million, growing only by -.4 percent from 8+4.7 million in #///, accordingto the lawmaker.0emoving the excise tax on jewelry would result in a win:win situation for the country asthe following benefits will eventually materiali;e< the jewelry industry can join the formal sector which would result in taxes collected from the enterprises as well as its workers= the sector’sgrowth into an export industry with foreign exchange earnings and improved income taxcollections= provision of lucrative work for >ilipinos who have not been able to study and enablethe education of their children as a way out of poverty= and reduction of red tape, graft, andcorruption for enterprises in order to stay in business,1 said !ap.&ua said while the country has repressed its jewelry industry, although it is the onlycountry in Southeast sia with over ?S@-# trillion in mineral reserves of gold, which is the keyraw material for jewelry, other countries in the region have nurtured their infant jewelryindustries through legislation and sustained promotion and assistance in recognition of the role of the jewelry industry as an engine of growth for the country and more importantly for industryworkers.0The jewelry industry is the only industry which can provide high wages and salaries for uneducated workers, commensurate to employees of call centers,1 said &ua, a vice chairperson of the committees on appropriations, economic affairs, and information and communicationstechnology.&ua cited the daily rate of goldsmiths start at 83// while stone setters can earn up to8-,4// a day. Aven at these rates, he said the country can compete as shown by the growth of its
NR # 3540JULY 27, 2014

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