MANILA – The Finance Department is working "round the clock" to get the Congress approval for the remaining packages of the administration’s Comprehensive Tax Reform Program, an official said Monday.
Lawmakers have yet to pass the second tranche targeting corporate duties, the third round on property and the fourth package on capital gains and financials.
The first tranche, which lowered personal income tax rates and raised duties on cars, fuel and sugar-sweetened drinks, was implemented in January 2018.
"We’re looking at hopefully an accelerated process… What we really want to do is to put together a tax system that is fair, that is simpler that is more efficient. We want everyone to contribute to the development success of our country," Finance assistant secretary Tony Lambino told ANC.
Asked if the entire tax reform package could be passed this year, Lambino said: "Those are the marching orders and we will work round the clock to fulfill that."
These reforms are vital to reach the country’s goal of becoming a high income economy by 2040, he said.