{"id":80124,"date":"2016-08-23T02:44:17","date_gmt":"2016-08-23T06:44:17","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=80124"},"modified":"2025-01-07T18:25:20","modified_gmt":"2025-01-07T23:25:20","slug":"dof-bares-plan-expand-vat-base-offset-income-tax-cuts","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2016\/08\/23\/dof-bares-plan-expand-vat-base-offset-income-tax-cuts\/","title":{"rendered":"DOF bares plan to expand VAT base to offset income tax cuts"},"content":{"rendered":"
\"Department<\/a>
Department of Finance in Manila, Philippines (Photo: Edgar Dann Alcantara, Sheena Thea Alcantara\/Wikipedia<\/a>)<\/figcaption><\/figure>\n

MANILA \u2013 Department of Finance (DOF) Secretary Carlos Dominguez on Monday bared government\u2019s plan to reduce personal income tax and corporate tax rates while supplementing government revenues through an augmented Value Added Tax (VAT) base.<\/p>\n

During the budget briefing of the Development Budget Coordinating Committee (DBCC) at the House of Representatives, Dominguez proposed to lower income tax rates for both individual and corporate to about 25 percent, resulting in a consolidated tax revenue loss of about PHP173.8 billion pesos.<\/p>\n

The Finance chief noted that the Philippines\u2019 income tax rates, with 32 percent for personal income and 30 percent for corporate taxation, have been among the highest in the ASEAN region. Meanwhile, the country\u2019s tax base is among the narrowest in the bloc.<\/p>\n

\u201cThe tax reform we intend to present to Congress aims to lower tax rates and broaden tax bases to align with the system\u2019s prevailing neighboring economies,\u201d said Dominguez.<\/p>\n

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In order to offset the state revenue loss due to lowered income taxes, part of the \u201ctransformative\u201d tax package eyes expanding the VAT base, rationalizing tax incentives, and indexing oil excise taxes on inflation.<\/p>\n

\u201cThe package would include the review of tax incentives that have been given without time-bounds. The excise tax on oil has not been adjusted for two decades and the significant drop in oil prices gives us an opportunity to adjust to inflation,\u201d Dominguez said.<\/p>\n

\u201cWe are also looking at the tax on sugary and fatty foods to encourage consumers to buy healthier foods,\u201d he added.<\/p>\n

Meanwhile, current VAT exemptions will be lifted excluding the \u201cexemptions on food, medicine and education\u201d and zero-rated VAT transactions will also be removed.<\/p>\n

Dominguez said the tax reform package must be designed not just to raise revenues but to support inclusive growth.<\/p>\n

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\u201cThe ten-point socioeconomic program revolves around the need to maintain sound macroeconomic and fiscal policies, invest in people and address the binding constraints to investment and job creation,\u201d said the Finance secretary.<\/p>\n

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\u201cTax reform is needed to achieve the larger goals of the administration and to make sure that everybody feels the country\u2019s growth,\u201d he added.<\/p>\n

Apart from reforming the country\u2019s tax revenue system, he said the administration also plans to thoroughly overhaul the entire government structure by abolishing \u201cobsolete government agencies as a first step in trimming bureaucratic fat\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA \u2013 Department of Finance (DOF) Secretary Carlos Dominguez on Monday bared government\u2019s plan to reduce personal income tax and …<\/p>\n","protected":false},"author":33,"featured_media":80125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1145,16,95],"tags":[5992,11981,11980],"class_list":["post-80124","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headline","category-news","category-news-ph","tag-dof","tag-income-tax-cuts","tag-vat","mauthors-filane-mikee-cervantes","mauthors-philippines-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/80124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=80124"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/80124\/revisions"}],"predecessor-version":[{"id":280399,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/80124\/revisions\/280399"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/80125"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=80124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=80124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=80124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}