House panel scrapes bottom to ensure national budget is fiscally sustainable
The House leader gave in to the request made by House Speaker Alan Peter S. Cayetano to “help us find the money for the stimulus we need” during the first briefing of the Development Budget Coordinating Committee last Friday.
Salceda, who also serves as the vice chairperson of the House Committee on Appropriations, noted that measures that would generate about P50.25 billion in the first year of their implementation already hurdled his panel. “As for tax administration reforms on the digital economy, I have secured exemptions for small businesses. Online barter trade will also absolutely not be taxed,” he added.
“We are just waiting for the Department of Finance to submit their proposals for making tax compliance digitally compatible. My office is also drafting counterpart proposals to boost taxpayer compliance and make the taxpaying experience easier,” he said. “My committee has worked very hard on tax reform. We passed all of the packages already. Once the economy recovers, I expect the sin tax reform, which I championed, to deliver historic revenue gains in 2021,” Salceda said.
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