The Department of Finance (DOF) is not going to oppose amendments made by Congress to the tax reform package invoice as long as the projected revenues that shall be collected from its passage is not going to go below P130 billion.
Finance Secretary Carlos “Sonny” Dominguez, nevertheless, mentioned they are going to proceed to push for the approval of the unique model of the invoice which is able to web an estimated P162 billion in further revenue by the imposition of latest taxes and the elimination of sure exemptions.
“Of course, we want the P162 billion as much as possible and we will still fight for it. But you know we respect the legislature in their wisdom and we think that the package of 130 is about okay,” he mentioned at a press briefing in Malacañang Thursday (July 6).
Asked if the DOF is in favor of passing a model of the tax reform invoice the place the projected revenue is below P130 billion, Dominguez answered within the unfavourable.
While the imposition of latest taxes is an unpopular transfer, the Finance chief mentioned passing the measure has extra advantages than disadvantages.
“It is an investment in the future. We need better schools, we need better infrastructure, we need better health care. I think everybody agrees to that, right? And we have to pay for it. We cannot just borrow for these things,” he mentioned.