House keen on passing tax reform Package 4

November 15, 2018
Gloria Macapagal Arroyo
Gloria Macapagal Arroyo

Speaker Gloria Macapagal-Arroyo on Tuesday said the House of Representatives intends to pass the fourth comprehensive tax reform program (CTRP), which is a measure on reforms of financial taxes, under the Duterte administration.

In an ambush interview, Arroyo said the passage of the proposed Package 4 is part of her commitment to push for President Rodrigo Duterte's legislative priorities at the lower chamber.

"That's our plan to legislate (Package 4). Our agenda is to carry out the agenda of President Duterte. So, he has his 15 measures that he enumerated in the SONA (State of the Nation Address). We already passed 11 of them," Arroyo said.

While she did not give a timeline, the Speaker assured that Package 4 of the Duterte administration's CTRP would be prioritized by the House.

"Well we cannot dictate the timing of democratic processes. We just do our best," Arroyo said.

The measure seeks to reform the taxation of the financial sector, including capital and financial services, to be simpler, fairer, more efficient, and revenue-neutral.

The bill seeks to reform the financial sector taxation by reducing the number of rates of withholding taxes; unify tax rates for interests, dividends, and capital gains; harmonize business taxes; remove or minimize barriers to capital market development, adopt a regionally competitive tax system.

The House ways and means committee has already started its deliberation on the said tax reform program.