SENATOR Sherwin T. Gatchalian on Tuesday said he will prioritize measures that will simplify tax procedures for MSMEs alongside establishing a mechanism for reporting abusive government officials involved in the collection system.
MSMEs comprise 99.5% of business establishments in the country, 63% of the workforce, and about 40% of gross domestic product in recent years, based on data from the Department of Trade and Industry.
Mr. Gatchalian said prioritizing MSMEs and other taxpayers while looking at accountability and efficiency require attention through oversight and not just the creation of new laws.When asked if he was open to imposing higher taxes on the countrys most affluent segment, the senator pointed to the Passive Income and Financial Intermediary Act , one of the bills he plans to prioritize.The PIFITA will not only harmonize the different tax regimes in the different income classes, but alsohe said.
Mr. Gatchalian will also put the proposed Real Property Valuation and Assessment Reform Act in the priority list, which was part of the previous administrationThe proposed measure is seen to bring in more revenues for local government units, which is in charge of collecting annual property taxes, and accelerate the rollout of infrastructure projects.
The senator also noted that the imposition of new or higher taxes requires consideration of other factors.
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