QUEZON City, Philippines – The Department of Finance, through outgoing Secretary Cesar Purisima, recommended to the incoming Duterte administration to lower the income tax and to increase the value-added tax or VAT. Specifically, the individual and corporate income tax should be lowered from 32% to 25% and to exempt from income tax a total of 11 million wage-earners as well as fiscal incentive rationalization and index excise taxes on gas and diesel. Regarding VAT, the Department of Finance said that it should be increased from 12% to 14% and that exemptions should be removed.
(Eagle News Service Described by Jay Paul Carlos, Video Editing by Dexter Magno, Uploaded by MRFaith Bonalos)