THIS IS WHAT Philippines NEED!!!! reduce income taxes (remove for lower income), maintain VAT. Similar to the Singapore system where the taxes are low but the government is able to generate a lot of more revenue because it is very simple to understand and easy to enforce....and the taxman is still able to collect as people are still taxed indirectly through the goods and services they consume. More money in peoples pockets either make them more willing spenders (helps economy) or more savings (hopefully to invest, also helps economy)...Win win!!! ...the reduction of income tax would result in revenue loss for the government of about P90 billion, but the move will provide individual taxpayers more disposable income, which they can either save or spend in getting services or purchasing goods that would be subjected to 12 percent value added tax anyway. philstar/headlines/2014/06/01/1329618/house-overhaul-income-tax-laws
Posted on: Mon, 02 Jun 2014 03:10:25 +0000
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