THE House Committee on Ways and Means yesterday approved the fourth package of President Rodrigo “Rody” Duterte’s Comprehensive Tax Reform Program (CTRP) aimed at generating P4.2 billion in additional revenues for the government.
The panel chaired by Albay Rep. Joey Salceda unanimously approved House Bill (HB) No. 304, or the ‘Passive Income and Financial Intermediary Taxation Act” (PIFITA), in just one hearing. The bill has been recommended for plenary action.
House Majority Leader and Leyte Rep. Martin Romualdez explained that the Salceda committee invoked Rule 10, Section 48 of the House rules, which empowers the committee to immediately pass bills and resolutions that were already approved on third and final reading by the preceding Congress.
Salceda said the bill proposes to make capital income and financial intermediary taxes “simpler, fairer and more efficient” for the government to earn P4.2 billion in revenues.
“This bill seeks to reform the taxation of capital income and financial services in the country, by redesigning the financial sector taxation into a simpler, fairer more efficient and a revenue neutral tax system,” said Salceda.