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.
Manila Bulletin file photo
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
Duterte’s proposed reforms commended by tax experts Reviewed by FilipiNews PH on Wednesday, July 27, 2016 Rating: