PNoy awaits solons' final proposal for lower income tax rates
MANILA, Philippines - President Benigno Aquino III has not closed his doors to proposals seeking to lower income tax rates.
Communications Secretary Herminio Coloma Jr. said the president will wait for lawmakers' final push for their proposed income tax cuts.
"We recognize the mandate of Congress to initiate revision of laws involving revenue generation for the government," Coloma said in a press briefing on Tuesday.
"We will await specific proposals from Speaker Belmonte and other leaders of Congress," he also said when asked if Aquino is still willing to consider the arguments of lawmakers.
Last month, Aquino rejected the proposed income tax cuts, saying they will not help Filipinos and the economy.
Aquino said decreasing income tax rates will decrease government revenues and affect the country's credit ratings.
When asked about the proposals to hike value added tax to compensate for the projected revenue loss due to lower income tax rates, Coloma maintained that the administration wants a "holistic tax reform."
"Hindi puwedeng sa isang bahagi lamang 'yung pagbabawas o 'yung pagdadagdag. Kinakailangan bigyang pansin 'yung kabuuang resulta para tiyakin na ito ay magiging para sa kapakinabangan ng pinakamaraming Pilipino. The greatest good for the greatest number," he said.
The House of Representatives and the Senate will tackle the proposed income tax cuts when they reconvene on November 3.
“We will take it up. We have an obligation to try to. It’s something we would like to do,” Speaker Feliciano Belmonte Jr. said on Monday.
Belmonte said he and Senate President Franklin Drilon will meet with Aquino before the resumption of session to discuss the reduced income tax proposals. - Louis Bacani
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