Celebrating the yuletide season and the new year with
firecrackers or pyrotechnic products is now a bygone following the ban on these
materials. Firecracker-less celebration has its benefits: No injuries or
casualties, no noise pollution and trash residues, clean air, and money savings
for worthy spendings, to name some. Manufacturers and business dealers of these
products can find other means of livelihood. Better is total firecracker ban as
advocated by the health department and other organizations, including our city
government. Surely, there will be innovations how to celebrate the next
yuletide season and the new year with merriments to replace the noisy and
dangerous firecrackers. Goodbye old tradition of fireworks… welcome innovative
and safe merry-making.
***
Wage earners whose annual income is P250,000 and below
are now exempted from income taxation. It’s a sigh of relief for the labor
sector due to savings as an effect of the tax reform law, known as the Tax
Reform for Acceleration and InclusionAct (TRAIN). The savings or a percentageof
it can be set aside as emergency fund or for future investment. Financial
analysts suggest that families or individuals have to maintain an emergency
fund worth three months of their salaries. One has to anticipate for
emergencies since they really come and we should have the extra or ready sum
for the eventuality.
***
But the TRAIN has legislated (additional) excise tax on
sugar sweetened beverages and petroleum products, including coal, which would
result to price hikes of certain commodities. Expect cost spirals of cigarette
and alcoholic beverages which are not really basic or prime goods but merely
vices. More taxes are also imposed on rentals and automobiles. Again, we have
to make adjustments in our consumption behavior, spending only on the very
essentials. We expect higher transportation fares and electric bills, thus, we
have to be prudent in our spending. Anyhow, the proceeds from excise tax will
be spent for infrastructure projects and other vital services which will
benefit us more and attract further investments. Really, the sin taxes on
cigarettes and alcoholic beverages earned the national coffer higher revenues for
use in health services and a drop in the consumption of nicotine and alcohol…
be mindful of your health vis-à-vis vices.
***
Expect changes this year… deliberations at Congress on
the passage of the Bangsamoro Basic Law to replace the Autonomous Region in
Muslim Mindanao, the shift from unitary to federal form of government, and
dissolution of marriage bill, to name a few. These are changes in political and
family spheres.
Well, these are just starters for Year 2018. Be abreast
with changes folks… for what remains permanent is still CHANGE, hoping for the better
to come. And wehope for more and more business investments and employment opportunities
to come in our dear Cotabato City through the initiative of our local
government and its development partners.
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