PRESIDENT Rodrigo Duterte has vowed to lower the personal and corporate income tax, as part of his promise to overhaul the outdated income tax system in the country.
“On taxation, we will lower corporate and personal income tax,” the President said in his first State of the Nation Address delivered at the Batasan Complex.
Duterte made the promise after his predecessor, former President Benigno Aquino failed to push for income tax reform under his term.
Aquino, who rejected proposals to lower income taxes, had said that government revenues would increase and tax collection deficit would increase if he approves such measures.
Duterte also sought to relax the Bank Secrecy Law so the public officials will be made available for public scrutiny.
Under the Bank Secrecy Law, bank deposits may only be inquired into with a written permission of the depositor.
But if measure exempting government officials from coverage will be passed into law, it will remove the bank confidentiality privilege of those in public office. (Sunnex)