DOF’s tax plan wins praise from World Bank
Once the tax reform package passes, it will be a landmark bill not only for the Philippines but also for the rest of the world.
The tax proposals put forward by the Department of Finance is actually a sound and sustainable piece of legislation which other countries should follow, so said Otaviano Canuto of the World Bank.
In a recent meeting with Finance Secretary Carlos Dominguez III, Canuto described the multiple packages of the tax plan as a possible “template for a lot of countries.”
“It’s very good to highlight what the Philippines is doing in the area of tax reform. We will use what has happened here as an (example) for other countries,” the World Bank official told Dominguez.
The first tax package is currently before the Senate, which seeks to reduce personal income taxes while offsetting the losses from higher excise duties on cars, fuel, and sugar-sweetened drinks.
The government wants it in place by 2018.