Palace open to lower income tax but…

Communications Secretary Herminio Coloma. INQUIRER FILE PHOTO

MANILA, Philippines – Malacañang has said it is open to considering proposals for lower income tax rates as long as it won’t drastically affect the nation’s coffers.

“Bukas po ang ating pamahalaan para sa isang dayalogo at masusing pag-aaral ng mga opsyon na inihahain,” Communications Secretary Herminio Coloma Jr. said Sunday over the radio.

(The government is open to dialogue and thorough study of the proposed options.)

“Ang isinasaalang-alang lang po ay ‘yung pagkakaroon natin ng sapat na pondo para matustusan ang mga mahahalagang programa sa pagpapaunlad ng ating ekonomiya para huwag naman pong madiskaril ang momentum na atin nang natamo bilang isa sa pinakamabilis na umuunlad na ekonomiya sa buong Asya,” he explained.

(What we are considering is that we need to have sufficient funds for important programs that will encourage economic growth so the momentum that we have achieved as the fastest growing economy in Asia won’t be derailed.)

Coloma explained that taxes are the primary source of the government’s budget.

He said any study on the matter will involve the national government, led by the Department of Finance and the Bureau of Internal Revenue.

Recently, a number of lawmakers have been filing proposed measures on reducing the income tax rate from 32 percent to 25 percent or 15 percent.

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