Loopholes amidst call for Wealth Tax
Автор: One News PH
Загружено: 2023-01-16
Просмотров: 122
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Sonny Africa, Executive Director of IBON Foundation, and Mon Abrea, Founding Chairman and Senior Tax Advisor of Asian Consulting Group, discussed their thoughts about the call for Wealth Tax in the Philippines.
Africa agreed that there is much concentration of untaxed wealth in the country, making the Wealth tax necessary and urgent. He also admitted that designing an effective wealth tax is difficult. But he believed that the Philippines must start addressing issues, such as administrative problems, corruption in the key agencies, and technical difficulties in assessing wealth to make it possible.
Abrea, on the other hand, mentioned the need to expand the scope of luxury to impose a higher tax on high-end goods and real estate and focus on taxing the rich. He also pushed to lift Bank Secrecy Law to unlock untaxed assets in the Philippines.
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