RVAT collection to fund infrastructure and social services, says Teves
by EA Abasquez
San Jose, Antique (11 September) -- Almost one-third of the government's P18.7 billion reformed value added tax (RVAT) net collection from January to March this year will be used to fund infrastructure and social services, Finance Secretary Margarito Teves said.
In a statement, Teves said among the projects that would be funded by the P6.5 billion RVAT revenues are resettlement program, P1.6 billion; irrigation projects, P1.5 billion; school feeding and hunger mitigation program, P1.4 billion; and road construction, P1.2 billion.
The office of the Bureau of Internal Revenue (BIR) here headed by Revenue District Officer Ursula V. Equiña bared that this year's RVAT collection from January to August amounted to P20.455 million or an increase of P4.803 million compared to last year's RVAT collection of P15.651 million.
Secretary Teves said share of social services and infrastructure from net RVAT revenues started at 30 percent in 2006 as mandated under Republic Act No. 9337 otherwise known as the RVAT law but it will be increased by five percent annually until it reaches 50 percent in 2010.
The people are now benefiting from the taxes that they pay through these projects such as housing and food.
DepEd's feeding and hunger mitigation program will be given P1 billion for the Food-for-School Program for pre-schools and its breastfeeding program.
For irrigation projects, some 24,498 has. of agricultural land will be restored while about 2,000 has. will be rehabilitated with region 3 having the biggest funding at P350 billion followed by regions 1 and 2, with P270 million and P234 million, respectively.
Road projects that will benefit from the RVAT proceeds include the arterial road links development projects that will be given P631.4 million and the Metro Manila Urban Transport Integrated project, P540.5 million, the report said. (PIA) [top]