Quadruple whammy
When will the bad news ever going to end?
First, there's the government's proposed tax bills, which, among others, include a shift from net to gross income taxation. There's also the text tax. It's hard to accept new taxes when we know the real problem is poor tax collection and corrupt practices.
Second, there's the rise in oil prices. That directly affects every motorist who have to yet again put up with higher gasoline costs. And it will indirectly impact consumers who may have to bear some of the burden in terms of higher prices of goods due to higher transportation costs by companies. Time to rethink oil deregulation in our current oligopoly?
Third, there's rising inflation. That's partly due to rising oil prices. But prices of food and utilities are going up as well.
Which brings us the fourth whammy: the Central Bank announced it might have to raise interest rates to curb inflation next year. So, if you have loans like a mortgage, auto loan, or a business loan, can you say "heavier debt burden"?
