The Philippine Finance Department
will conduct comprehensive assessment on Philippines tax structure that will benefit
both the people and the government.
“Instead of little by little
measures, the team will revisit the entire thing. We hope that this is going to
be progressive and more equitable with the goal of making revenues buoyant,” said
Purisima when he was asked about government’s position on the growing calls on
the reduction of income tax rates.
Every country needs a tax system
to support the sustainable and strong economic growth. The tax system serves a significant
role in financial support to public services that will benefit the economy in
general. The government would support the calls to revise the current system as
long as the lawmakers will make it a priority measure.
Senator Angara revived calls for a
measure that will lower income tax rates in order to encourage Filipinos to
spend and expand output. The Senate Bill No.2149 of Angara seeks to reduce individual
income tax from 32% down to 25%.
However the bill proposed no
taxes with income less than Php20,000.
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