Bilyonaryo - Business

VAT removal to ease burden of consumers: Water bills to go down by 10% starting March 21

March 3, 2022

Bilyonaryo.com

By Eileen Mencias
Customers of Manila Water Company Inc. and Maynilad Water Services Inc. will see a 9 to 10 percent reduction in their monthly bills beginning March 21 with the removal of the 12 percent value added tax (VAT).
Metropolitan Water and Sewerage System chief regulator Patrick Lester Ty said the VAT was scrapped following the passage of legislative franchises to the two concessionaires.
“This will undoubtedly help our consumers. It’s a significant rollback, ” Ty said.
Since they are now required to have franchise, Manila Water and Maynilad are now subject to franchise tax, Ty said.
Ty said the 12% VAT would be replaced by the 2% national franchise tax and the corresponding local franchise tax that range from zero to 0.825% and these will be reflected in the water bills as other percentage taxes.
Manila Water customers consuming 10 cubic meters will see a reduction of P12.39 or less in their monthly bills while those consuming 20 cubic meters will see a reduction of P27.32.
From a monthly bill of P151.22, a family consuming 10 cubic meters a month will see their bills drop to P138.83 and a household consuming 20 cubic meters who used to pay P333.47 monthly will only have to pay P306.15.
For Maynilad customers, the savings will be P10.68 a month for those consuming 10 cubic meters and P40.04 for those consuming 20 cubic meters. From P130.42 a month, the bill of Maynilad customers consuming 10 cubic meters will fall to P119.74.
The bill for households consuming 20 cubic meters will fall to P448.78 from P488.82.

Related News Tags: Manila Water Company Inc., Maynilad Water Services Inc., value-added tax (VAT)

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