Airing concerns over government’s grant of tax perk, Senator Francis Escudero zeroed in on the privileges accorded to the proposed Maharlika Investment Corporation (MIC), which will manage the recently created Maharlika Investment Fund (MIF).
Airing concerns over government’s grant of tax perk, Senator Francis Escudero zeroed in on the privileges accorded to the proposed Maharlika Investment Corporation , which will manage the recently created Maharlika Investment Fund .
Escudero expressed concern over the “many privileges” the MIC may avail of supposedly to attract investors and augment government resources. Escudero cited Section 31 of Senate Bill 1670 that prescribes the MIC and MIF shall “be exempt from local and national taxes, direct and indirect, that may be imposed under the Local Government Code of 1991, and the National Internal Revenue Code of 1997, as amended, pursuant to the regulations to be issued by the Department of Finance [DOF], upon the recommendation of the Bureau of Internal Revenue [BIR].
Escudero pointed out “it is bad policy to have a lot of exemptions and very difficult to implement, if at all. So, I think they should continue with that policy.” The senator signaled he will soon recommend other sources of funds in an effort to plug the many gaps and loopholes in the current draft bills, indicating that “in the next couple of days, we will be proposing where the money can come from. We’re just finishing the research on it.”
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