First of all, we have to study many things. Especially if it is in accordance with our constitution.
The shift to gross taxation would limit the discretionary power of BIR tax examiners and thus help eliminate corruption.
There is going to be a task force looking into the impact of President Duterte’s proposed shift in the corporate tax model from the current net taxable income to gross revenues, Finance Secretary Carlos Dominguez III said.
“Of course (it is a priority) if the President mentioned it. But we will ask him to form a task force. Like under the Executive Secretary, it has to be with the (Departments of Justice) and of Budget and Management (DBM),” Dominguez said.
Finance Undersecretary Antonette Tionko said they already wrote a letter to the president on the establishment of the task force.
Housing is probably the biggest issue affecting people the world over.
Malacañang on Monday called for a more thorough investigation into the questioned flood control projects in Taguig…
The defense on Monday backed the move by senator-judges to exclude a prosecution witness who testified on the firearms…
“We recommended already who are going be the members of the task force,” Tionko said.
The official said the current tax system will remain in place as the task force look into the revenue impact of the gross taxation system.
“Shifting to gross (taxation) is just a study (and) a long way to go. First of all, we have to study many things. Especially if it is in accordance with our constitution,” she quickly added.
Dominguez clarified the proposed shift is not part of the ongoing Comprehensive Tax Reform Program (CTRP) whose remaining reform proposals await legislative approval.
“No, (it won’t be part of the CTRP). By the way, nobody does (gross taxation). We just have to hear why we will or we will not,” Dominguez said.
Earlier, Duterte proposed the shift to gross taxation to help eliminate corruption at the Bureau of Internal Revenue as the system limits the discretionary and negotiation power of tax examiners.
