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                    [ArticleID] => 199120
                    [Title] => Thrift banks not happy with 10% VAT
                    [Summary] => The thrift banking system considers the 10-percent value-added tax (VAT) as a "disincentive" which runs counter to the calls of the National Government for more loans to the small and medium enterprises (SME) as well as the microenterprises.


In a position paper, the Chamber of Thrift Banks (CTB) said the VAT "will adversely affect hundreds of thousands of housing loan borrowers and SMEs . . . since VAT on interest on borrowings must be passed on to the borrower."


                    [DatePublished] => 2003-03-16 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] => Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
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SUSAN R

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                    [ArticleID] => 199120
                    [Title] => Thrift banks not happy with 10% VAT
                    [Summary] => The thrift banking system considers the 10-percent value-added tax (VAT) as a "disincentive" which runs counter to the calls of the National Government for more loans to the small and medium enterprises (SME) as well as the microenterprises.


In a position paper, the Chamber of Thrift Banks (CTB) said the VAT "will adversely affect hundreds of thousands of housing loan borrowers and SMEs . . . since VAT on interest on borrowings must be passed on to the borrower."


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Thrift banks not happy with 10% VAT

By Ted P. Torres | March 16, 2003 - 12:00am

The thrift banking system considers the 10-percent value-added tax (VAT) as a "disincentive" which runs counter to the calls of the National Government for more loans to the small and medium enterprises...

Business