As chair of the Senate Ways and Means Committee, it is my job to present to my colleagues all the information they need to make an informed decision on the priority tax reforms of the Duterte government.
I believe that the 15-18 months timetable projected by Finance Secretary Carlos Dominguez III will give our committee and my colleagues reasonable time to study and vote on the four priority measures*.
This would require regular hearings and consultations with our economic managers, tax experts, and all concerned sectors. The process would be tedious, but I have been preparing myself for the challenge of getting the job done.
On the other hand, I don’t want to give my colleagues the impression that I am rushing them. Having said this, I am aware that the Department of Finance team has made themselves available for senators who would want to have access to relevant data and technical information.
I have started consultations with the DOF, and I plan to hold an organizational meeting next week, now that the members of the Committee have been nominated and approved in plenary. #
*Statement in reaction to Finance Secretary Carlos Dominguez III’s projection that it would take the House and Senate 15-18 months to deliberate and vote on four tax reform measures of the Duterte government for the 18th Congress:
- Comprehensive Tax Reform Program Package 2: Comprehensive Income Tax and Incentives Reform Act
- Package 2+
Sin taxes for universal health care
- Package 3
Real property valuation reform
- Package 4
Passive income and financial intermediary tax