While the previous administration warned that imposing a “wealth tax” on the rich could trigger capital flight and tax avoidance, Finance Secretary Ralph G. Recto—the chief economic manager of the Marcos Jr. administration—said he would support Congress if it proposes such a measure. “Let...
The Philippine Chamber of Commerce and Industry (PCCI) is pushing for the imposition of higher taxes on luxury items, but not the “wealth tax”, to help address the country’s huge budget deficit. PCCI President George T. Barcelon raised this proposal in reaction to clamor to impose wealth tax,...
Albay 2nd district Rep. Joey Salceda shared on Saturday, July 23 the best way to tax rich Filipinos. (Office of Albay 2nd district Rep. Joey Salceda) This, as the economist-solon bared in a statement that he favored the imposition of wealth taxes as a way to help government raise funds for public...
Updating the country’s property valuation system is the correct way to impose a so-called “wealth tax” that local government units (LGUs) can impose on affluent individuals, the Department of Finance (DOF) said. Finance Secretary Carlos G. Dominguez III said on Monday, April 11, that LGUs can...
Finance Secretary Carlos G. Dominguez III has suggested that the government should consider increasing taxes on real-estate properties instead of imposing the wealth tax. “I’m against wealth tax,” Dominguez said at a virtual forum by Financial Executives Institute of the Philippines (FINEX)...
The ultra-wealthy families in the Philippines won't struggle with paying a wealth tax, Partido Lakas ng Masa (PLM) presidential candidate Leodegario “Ka Leody” de Guzman said. Presidential Candidate Leodegario "Ka Leody" De Guzman (Photo from Ka Leody De Guzman FB/ MANILA BULLETIN) “Hindi...
Presidential aspirant Leody "Ka Leody" de Guzman will impose hefty tax on the country's wealthiest individuals if elected in the position in a bid to resolve inequality and help the people. During Kapisanan ng Broadkaster ng Pilipinas' presidential forum on Friday, de Guzman said he will impose...
The Department of Finance (DOF) bucked the proposal seeking to impose a “super-rich” tax on Filipino billionaires as its negative impacts outweigh any potential revenue gains for the government. In a letter to House Speaker Lord Allan Jay Velasco, Finance Secretary Carlos G. Dominguez III said...
Imposing higher tax on Filipino billionaires whose fortunes have reached more than one billion pesos may not be a good idea with Finance Secretary Carlos G. Dominguez III warning this will only result in capital flight out of the Philippines. Finance Secretary Carlos G. Dominguez Dominguez said as...
