Diokno allays concerns over removal of tax breaks
ABS-CBN News
Posted at Jan 04 2017 01:29 PM
http://news.abs-cbn.com/
Posted at Jan 04 2017 01:29 PM
http://news.abs-cbn.com/
MANILA – The government’s decision to remove some tax breaks should not discourage investors, as they will also benefit from parallel efforts to reduce income tax rates and cut red tape, an economic official said Wednesday.
Removing incentives will also level the playing field, leading to a “survival of the fittest,” Budget Secretary Benjamin Diokno told ANC’s “Headstart.”
President Rodrigo Duterte is looking for alternative revenue sources to offset a reduction in income taxes, which he promised during the 2016 campaign.
“To me, kung ma-lower mo lang ang tax rates, kahit wala nang incentives, parang level playing field. Kung sinong matinik, they will survive. You don’t need the incentives kung babaan mo lang yung tax rate,” Diokno said.
(If you lower tax rates and incentives are removed, there will be a level playing field. It will be a survival of the fittest. You don’t need incentives if you reduce the tax rate.)
The President’s effort to streamline the bureaucracy will make doing business easier, he said.
