DOF holding consultations to fine-tune tax planThe Department of Finance (DOF) has been conducting consultations with various sectors to fine-tune its comprehensive tax reform plan prior to its final submission to the Congress, according to Secretary Carlos Dominguez III. The DOF has consulted former finance secretaries, legislators, economists, research and advocacy groups to help finalize the tax reform plan. “Tax reform is needed because we now have the tax system that is inequitable, complex and inefficient,” Dominguez said. Lowering corporate tax rates to 25 percent, along with simplifying other corporate income tax provisions to improve compliance. Simplifying the property tax system by lowering estate and donor tax rates to around 6%, which will unlock the land market and encourage more efficient land use that can help foster investments and create jobs.

Source: Manila Bulletin September 16, 2016 09:44 UTC