DAVAO CITY – The Aquino administration said it is open to the proposed reduction of personal income tax rate on Thursday.
Communication Secretary Herminio Coloma, Jr. said in a statement that the government is now working with the Congress on the matter.
“The Department of Finance (DOF) is advocating a comprehensive review of the existing taxation system, so that needed reforms may be instituted,” Coloma said.
“It is also important to identify new and additional sources of tax revenues that will offset any reduction in collection of income taxes,” he added.
The Philippines’ personal income tax rate of 32 percent, is one of the highest in Asia, which is higher than Thailand’s 10 percent, Singapore’s two percent, Vietnam’s 20 percent, Malaysia’s 11 percent, Cambodia’s 20 percent, and Laos’ 12 percent. (davaotoday.com)
