Sen. Juan Edgardo Angara. INQUIRER.net FILE PHOTO
MANILA, Philippines – Amid the price hikes, Senator Juan Edgardo Angara on Tuesday vowed to look into the system of taxation in the country to ease the financial burden of the poor.
Angara, chairman of the Senate committee on ways and means, noted that in terms of individual income tax rates, the Philippines is among the highest in Asia with 32 percent as compared to Malaysia with 26 percent, Singapore with 20 percent, and Hong Kong with 15 percent
“If you look at how much a typical Filipino individual is making, wala nang naiiwan sa bulsa niya. Sabay-sabay ang pagtaas ng presyo, talagang bigat na bigat na siya. There’s power rate hike, MRT fare hike, PhilHealth increase. Patong-patong na so ano pang naiiwan kay Juan Dela Cruz?” he said during the hearing of his committee.
“Kailangan nating timbangin. Hinahanap natin ano ang maibabalik ng lipunan sa kanila whether it’s in the form of better services or tax deductions. Yun yung pinag-aaralan natin na hindi naman mapeperwisyo yung ekonomiya natin at ang paglago nito,” he said.
(We have to balance it. We are trying to find out what the society can give in return to them whether it’s in the form of better services or tax deductions. That’s what we are studying without harming our economy and its growth.)
Angara said his committee would tackle next a bill that seeks to amend the National Internal Revenue Code of 1997 by adjusting the levels of net taxable income and nominal tax rates in computing the individual income tax, based on current prices.
“That’s one aspect to consider especially if we’re going to be an integrated market by 2015. I want to assure you that the committee is looking at these things holistically,” he said.
“We don’t want distortions because at the end of the day, we don’t only want a competitive country but we also want an equitable society,” the senator added.
Related stories
Removal of ‘discriminatory’ taxes seen to boost PH tourism
Expert says Philippine tax system a ‘complicated mess’
Government may be corrupt, so why pay tax?