Vol. 35 No.10
       ©2007 Marianas Variety
Thursday, March 29, 2007 www.mvariety.com
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Number discrepancies stall budget talks

By Mar-Vic Cagurangan
Variety News Staff

THE numbers that appear in the revised budget proposal and the spreadsheets provided by the administration don’t tally, further stalling the budget talks yesterday, Vice Speaker Eddie Calvo, R-Maite, said.
  “The administration needs to come back to us with changes in their numbers. They need to correct the errors. The revenue projections provided in the revised budget plan don’t match the figures that show in the spreadsheet,” Calvo said in an interview with Variety after the budget session.
 Calvo, chairman of the finance and taxation committee, specifically mentioned the discrepancy in the administration’s projected revenue from the proposed tax amnesty program.
 Bill 74, the revised budget proposal, projects that the government will collect $17 million from the income tax amnesty. But data appearing in the spreadsheet, Calvo said, showed that such revenue would come to only $13 million.
 The tax amnesty program waives late-payment penalties to encourage delinquent taxpayers to settle their tax dues from previous years. 
The tax amnesty program for business entities and individual property owners who have outstanding tax dues is one of the major components of the administration’s revenue-building plan, along with the proposal to raise the gross receipts tax from 4 percent to 6 percent.