President Rodrigo Duterte’s formal call for Congress to pass a comprehensive tax reform plan was lauded by the country’s ta experts and the government’s finance chief. The latter believes that the programs of the new chief executive would inspire the nation’s inclusive growth.
The Tax Management Association of the Philippines (TMAP) has expressed that they were “very pleased” with the president’s pursuit of tax reforms, which includes that simplification of the tax system, lowering income tax rates, and lifting the bank secrecy law.
“We are very pleased to hear President Duterte’s statement… We’re delighted to see that his proposals… the same reforms also espoused by TMAP,” the association said.
They also noted the president’s consistency with his answers to the pre-election tax policy survey of the group. They said that they “do not see any reason why the passage of the comprehensive tax reform measure will not materialize during the early part of his term.”
TMAP also explained that the lifting of the bank secrecy law and as well as the simplification in the tax system will ultimately increase voluntary compliance by taxpayers. This would widen the tax base and then boost revenue collections.
They offered the president its help to push for the tax reform. | ASCS - FNPH
Source: Manila Bulletin
The Tax Management Association of the Philippines (TMAP) has expressed that they were “very pleased” with the president’s pursuit of tax reforms, which includes that simplification of the tax system, lowering income tax rates, and lifting the bank secrecy law.
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Manila Bulletin file photo
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They also noted the president’s consistency with his answers to the pre-election tax policy survey of the group. They said that they “do not see any reason why the passage of the comprehensive tax reform measure will not materialize during the early part of his term.”
TMAP also explained that the lifting of the bank secrecy law and as well as the simplification in the tax system will ultimately increase voluntary compliance by taxpayers. This would widen the tax base and then boost revenue collections.
They offered the president its help to push for the tax reform. | ASCS - FNPH
Source: Manila Bulletin
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