THERE is a need for the Philippines to preserve its existing tax systems in order to maintain fiscal discipline and carry out consolidation until 2028, an official said Tuesday, May 30, 2023.
He said President Ferdinand"Bongbong" Marcos Jr. reiterated during a sectoral meeting earlier Tuesday that there is also the need to balance the system. "It’s not a perfect system so we will look for improvements but right now, our revenue system is doing well, okay. So, sabi ko nga iyong namana namin kay Presidente Duterte na tax system is much, much better than the tax system that he inherited from the previous administration," he added.
Prior to the passage of the reforms, the Philippine Tax Code contained many exemptions -- some 56 lines of exemptions and 84 additional exemptions in special laws, said Diokno.
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