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Philippines Aiming To Finalize Tax Reform By End Of October

Tuesday, September 4, 2018

Benjamin Diokno, the Philippines' Budget and Management Secretary, says the Government should secure the passage of all the remaining comprehensive tax reform bills within the next two months.

"I'm very confident that all the tax packages will be passed ... at best, maybe in eight weeks," he said, noting that lawmakers will be busy with campaign preparations for the forthcoming congressional elections once they file their candidacy in the coming weeks. Diokno added "it's all or nothing" for the tax measures.

Hearings in the House of Representatives are being held on a proposed tax amnesty (Package 1B), rice tariff, mining, and alcohol tax changes (Package 2 plus), and corporate tax reform (Package 2), he said.

Congress is also considering proposals that would reform property taxation (in Package 3) and capital income taxation and financial transactions taxes (in Package 4).