Gatchalian eyes higher taxes for wealthy individuals

Sen. Sherwin Gatchalian, chair Senate means and ways panel

MANILA, Philippines — Senator Sherwin Gatchalian is looking at increasing or adding more taxes on wealthy individuals to generate more government income.

Gatchalian, poised to become the next chairman of the Senate committee on ways and means in the 19th Congress, was asked during a tax forum in the Senate on Wednesday if he was planning to file a measure seeking to tax the wealthy.

“Yes, we’re looking; personally, I’m also looking at that and also looking at probably some space in the non-essential goods or goods that are not considered as basic necessities,” Gatchalian replied.

“I’m not yet sure whether to increase — to put an additional tax or to increase the tax rate, but I’ll be looking at the concepts,” he added.

The senator noted that wealthy individuals are currently taxed through their withholding tax.

The jurisdiction of the ways and means panel are all matters relating to revenue generally, taxes and fees, tariffs, loans and other sources and forms of revenue. – with reports from Nicole Faye Agcaoili, INQUIRER.net intern

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