Benguet Governor Cresencio Pacalso has asked the Department of Trade and Industry to closely monitor the prices of basic commodities in the province following the implementation of the tax reform law.
The Benguet politiko said he expects the price of basic commodities to rise once fuel prices have increased.
The Tax Reform for Acceleration and Inclusion (TRAIN) raises taxes on fuel, cars, sugar-sweetened beverages, among others, while exempting or reducing income tax rates of wage earners.
“We inform the DTI to look into this to set a guideline for the suggested retail prices for basic commodities. And I think they are already doing that,” Pacalso said.
The Bureau of Internal Revenue said that around 90% of income tax payers will be exempt from paying taxes.#