The country’s outgoing Socioeconomic Planning Secretary believes the next administration would do well to target the revision of “obsolete taxes” to help raise revenues.
THE country’s outgoing Socioeconomic Planning Secretary believes the next administration would do well to target the revision of “obsolete taxes” to help raise revenues.
“When we do a tax reform, we program over the medium term, three to five years, that’s why we have indexation. Now, if you don’t go back to it, the price will fall relative to the general price,” Chua told reporters on Thursday. He noted that in the Philippines, some Filipinos pay the full 12 percent value added tax while others pay zero. That, to him, was unfair and must be addressed in the next administration.
Chua said these include Packages 3 and 4 of the Comprehensive Tax Reform Program which, he said, aim to address inequality. These are essentially “wealth taxes” that will somehow reduce the gap between the rich and poor. He said the Neda is proposing an Apprenticeship bill to address limitations in the Labor Code that placed restrictions on apprenticeship. If passed, this will be of great help to graduates of the K-12 program.