- Incoming Pres. Rodrigo Duterte finds the 10 proposals of the business sectors ‘doable’
- Among the proposals set by the group include tax reform measures and a review of the conditional cash transfer program
- Duterte stressed that the economic experts of his team will take charge in studying the proposals especially taxation
President-elect Rodrigo Duterte perceived the recommendations of the business leaders as doable and said they should be implemented “right away.”
During the two-day consultative meeting dubbed Sulong Pilipinas held in Davao City, the incoming President disclosed that the ten proposals which include tax reform measures and a review of the conditional cash transfer program will further undergo rigid study, an article published by GMA News Online dated June 21 mentioned.
“I was given a copy ahead of today the ten recommendations socio economic programs of the government. And I assure you, we will study and review it,” Duterte was quoted saying.
The 10 recommendations submitted by the Philippine Chamber of Commerce and Industry (PCCI) included the following: Adoption of Comprehensive Tax Reform Package; Implementation of national ID System; Automation and streamlining of government business permits and licensing system; Improvement of telecommunication services; Support services to farmers; Implementation of responsible mining; Development and implementation of national strategy; Improvement of transport network across country to improve connectivity; Review of the conditional cash transfer program; and Reduction in infrastructure bottlenecks.
Admitting that he is not an economist, Duterte stressed that the economic experts of his team will take charge in studying the proposals especially taxation.
Totaling around 450, the businessmen and entrepreneurs pushed for the adoption of a comprehensive tax reform program to include the expansion of the value added tax (VAT) and the simplification of tax payments by micro-, small- and medium- enterprises.
Likewise, the sector suggested the reduction of the corporate, personal and capital gains tax rates.
Mindanao Business Club president George Lau said the tax rates may be pegged with Hong Kong and Singapore or even down to the ASEAN neighbors and make it a little lower to attract investors.
Specifically, the businessmen want to increase excise taxes by expanding the definition of luxury goods to compensate for the expected deficit resulting from reduced income tax rates.