Speaker Prospero C. Nograles last week said senior citizens should now look forward to an early Valentine’s Day gift — the passage of the proposed measure which would extend value added tax exemption to senior citizens in the country.
Nograles said he has secured the assurance of both Senate President Juan Ponce Enrile and President Gloria Macapagal-Arroyo for the enactment of the law before Valentine’s Day.
“With this law, life now begins at 60. The amendments will effectively recover the 20 percent intended discount rate under the present law which the 12 percent VAT imposition effectively reduced to just 8 percent,” Nograles said.
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