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Alvarez finds DoF tax plan wanting

  • Written by JPM
  • Published in Nation
  • Read: 281

NOT sold on the tax reform package proposed by the Department of Finance (DoF), Speaker Pantaleon Alvarez said the Lower House is preparing another version of the Tax Reform Bill.

Alvarez said Congress wants a measure that is pro-poor and one that will lessen the burden of the taxpayers.

Alvarez ordered a thorough review of the DoF version and asked the House Committee on Ways and Means to come up with a better and more acceptable version.

“The leadership of this Congress is not and will never be a rubber  stamp of the administration. Rest assured that this Congress will always be on the side of the people. Iyon po ang lagi nating titingnan,” Alvarez said.

The House leader has expressed objection to the lifting of the Value Added Tax (VAT) exemption of senior citizens and persons with disability.

“Marami tayong reservations, kaya we are preparing a counter proposal. We will request a meeting with the DoF to discuss with them some provisions,” Alvarez added.
In a related story, 1PACMAN Rep. Mikee Romero has filed House Bill 3655 or a measure that will grant a one-time tax amnesty to cover an individual or corporation’s unpaid taxes for 2015 and prior years.
The bill likewise seeks to condone non-payment of taxes from the taxable year 2015 and prior years.
Romero said the bill, which has a Senate counterpart measure authored by Senator Ralph Recto, proposes a tax amnesty plan  in the hope that it will “provide the foundation” for a more effective implementation of tax reforms being pushed by President Rodrigo Duterte.
Just recently, the DoF submitted its proposed bill reducing income tax payments.
The finance department’s proposal to increase excise taxes on fuel was also assailed.
Romero said the grant of tax amnesty is not as controversial as the DoF proposals yet it would “complement the initiatives” on tax reform of the Duterte administration.
HB 3655 provides that no more tax amnesty measure will be implemented in the future.
Under HB 3655, to avail of the amnesty benefits, any person, whether natural or juridical, may file with the Bureau of internal Revenue notice and tax amnesty return accompanied by a statement of assets, liabilities and net worth as of December 31, 2015.