Duterte gives his full backing to the country’s tax reforms program. Finance Secretary Carlos Dominguez III recently announced the news at a forum in Makati. The Duterte Administration is pushing for the comprehensive Tax Reform Program aimed at sharply reducing poverty, improving economic inclusion and making the Philippines an upper-middle income in the next five years.
One of the most popular parts of the proposed program is the reduction of personal income taxes. That aspect reportedly faces almost no opposition and is slated to benefit millions of average wage-earners, boosting consumption and, eventually, economic growth. To achieve these cuts, the package propose an expansion of the value-added tax base, as well as increase in excise tax rate on automobiles and oil for the first time in 20 years. The tax reform also aims to raise ₱1 trillion in funding for infrastructure.