Congress urged to pass 3 tax measures

MANILA, Philippines - The administration is asking Congress to approve at least three tax measures to raise additional money to support the proposed P2.268-trillion 2014 national budget.

None of the measures will affect individual taxpayers even if they are approved.

Appearing before the House appropriations committee, Finance Secretary Cesar Purisima said the administration would like the legislature to approve the mining revenue bill, the measure rationalizing fiscal incentives and the fiscal transparency and accountability bill.

He said the tax proposals, together with administrative measures the Bureau of Internal Revenue and the Bureau of Customs would put in place, would help raise additional revenues for the national budget.

The fiscal incentives rationalization bill seeks to limit the coverage of such benefits available to companies, like exemptions from paying income tax for a number of years from the start of operation as well as from customs tariff for importation of equipment.