The Department of Finance on Wednesday reached out to the staff of legislators and representatives of government agencies to seek their insights and cooperation for the quick passage of priority tax proposals.
Finance Secretary Ralph Recto opened the policy briefing to deepen their understanding on such proposals which include the Real Property Valuation Reform or Package 3 of the Comprehensive Tax Reform Program, Value Added Tax on Digital Service Providers, and Rationalization of the Mining Fiscal Regime.
The others are the Single-Use Plastic Bags Tax Act, and Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy.
“We believe that informed discussions and open dialogue are key to a more collaborative and effective legislation process, ultimately serving the best interests of our country,” Recto said in the briefing at Admiral Hotel, Manila City.
Creative solutions
“I hope today’s briefing sparks creative solutions and decisive actions leading to the swift enactment of these crucial measures,” he added.
Recto said the tax proposals aim to reduce the country’s reliance on debt, while making tax policies fair and supportive of long-term economic growth.
The new finance chief also shared that the DoF is working to develop a Philippine medium-term debt management strategy that will ensure transparency of public borrowings.
“This is the debt meter that will guide us on how to secure a future of fiscal stability. Together, let us bring the country faster and further towards an inclusive economy that all of the Filipino people can benefit from,” Recto said.
Recto said he is also scheduled for a meeting with senators to elaborate on the tax proposals.
