TMAP Urges Gov't to Reform Tax Code

Manila Bulletin, February 3, 2015 | Go to article overview

TMAP Urges Gov't to Reform Tax Code


The Philippines' top corporate tax experts urged the government to reform the country's current tax system and align its levies with other Southeast Asian nations.

Rina Manuel, former Tax Management Association of the Philippines (TMAP) president, said it is high time for the Philippines to reform its outdated tax system and align its tax rates with its neighboring countries.

To jumpstart the reform, Manuel said TMAP has already submitted the proposed revisions to the tax code to the Senate and House of Representatives.

Manuel said the organization continues to advocate for the lowering of income tax rates in the Philippines, for the benefit of "underpaid and overtaxed Filipinos."

She added that reducing the rates would give workers more disposable income which could help fuel the economy.

TMAP proposes to lower the top individual tax rate from 32 percent to 30 percent, with a top taxable base of P2.5 million, instead of P500,000. TMAP also proposes an all-in tax exemption level of P300,000.

"The Philippines has effectively the highest tax rates in the Asean region. We have to lower this and simplify our tax system in preparation for the Asean integration," Manuel said.

Meanwhile, following the end of her term, Manuel expressed confidence that TMAP, under the new leadership, would continue being "a voice for taxpayers in fighting for their rights and speaking for a more equitable tax system."

Her successor, Terence Conrad Bello of Baniqued & Baniqued, said TMAP under his leadership would advocate for the implementation of tax laws in a fair and just manner to encourage the setting up of businesses and the flow of foreign direct investments into the country. …

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