Senate Majority Leader Alan Peter Cayetano expressed full support for calls to reform the country’s decades-old income tax brackets.
Speaking in front of reporters in a media forum in Kamuning, Quezon City on Wednesday, Cayetano said present government officials do not have to wait for the next administration to push for measures that will create real change in people’s lives.
“Don’t wait for the next seven to eight months bago mag-eleksyon. Pwede namang ngayon pa lang, hamunin na ang mga kandidato, because almost all candidates [in the 2016 elections] are in government now.
On calls to lower tax rates for Filipinos, we can do it now,” the senator stressed.
Cayetano had been urging the Aquino administration to work on the immediate passage of tax reform bills pending in Congress that seek to lower the country’s income and corporate tax rates.
He cited an earlier statement by Steve Forbes, chairman and editor-in-chief of Forbes Media. In an interview at the sidelines of the 15th Forbes Global CEO Conference held here last October 12, Forbes indicated that the Philippine government may consider slashing corporate and income tax rates without the risk of losing revenues.
“I’m hoping that the current administration will study and reconsider this proposal for the benefit of the middle class and of the poor. If we want real change and inclusive growth to happen, we need to pass measures that will directly benefit the people,” he concluded. ###