THE chairman of the House Committee on Ways and Means has filed the “Luxury Tax Bill” with potential revenues of P15.5 billion.
In response to this socioeconomic condition, the economist-lawmaker said the international and national organizations have recommended wealth taxes based on the net worth of so-called “super-rich” individuals. The Senate has not ratified the Multilateral Convention on Mutual Administrative Assistance in Tax Matters , which the Philippines signed in 2014.
According to the lawmaker, “consumption taxes can be imposed at the point of importation or sale, making them easier to enforce.”
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