Fiscal authorities issue tax rules for Bangsamoro region
DAVAO CITY—THE Intergovernmental Fiscal Policy Board (IFPB) has approved a resolution on the taxable elements in the Bangsamoro region, such as capital gains tax, documentary stamp tax and estate tax as well as the sharing arrangement of revenues between the latter and the national government.
The IFPB is one of the economic and financial bodies jointly created by the region and the national government to thresh out issues on revenue collection and the protocols on revenue sharing. Members of the IFPB approved the resolution in its meeting in Davao City last month, its fourth so far.
The communication dispatch released by the Bangsamoro Information Office did not give details on the implementation of the taxable elements as well as the sharing arrangement. The BIO only issued a statement quoting Department of Finance Secretary Benjamin e. Diokno who expressed optimism about the success of the Bangsamoro government’s undertakings for the fiscal year.
The BIO said the approved resolution “is according to Section 9, Article XII of the Bangsamoro Organic Law, which sets the implementation of sharing of revenues from the collection of taxes, where the taxable elements are both situated within and outside of the Bangsamoro territorial jurisdiction.”
Steady support
The IFPB also discussed the computation of the annual block grant for the Bangsamoro Autonomous Region in Muslim Mindanao, taxstudy group deliverables and the participation of the Bangsamoro government in the Al-amanah Islamic Investment Bank of the Philippines.
Minister of Finance and Budget and Management Ubaida Pacasem expressed gratitude to the IFPB members and the National Government for the “steady support to the Bangsamoro Government.”
“Thus, the Ifpb-bangsamoro Government is with you in achieving your 10-point agenda for economic renewal and long-term growth, most especially fiscal discipline and transparent and efficient governance,” Pacasem said.
According to Pacasem, also a lawyer, the economic growth they see in Barmm since the passage of the Bangsamoro Organic Law and the continuous economic achievements “have made us all hope for a better Bangsamoro in the near future.”
Other Barmm officials present at the meeting were Minister of Trade, Investments and Tourism Abu Amri Taddik, Bangsamoro Planning and Development Authority Deputy Director-general Amil Abubakar and Bangsamoro Finance Director Sittie Amirah Pendatun.
The IFPB is composed of the officials of the National Government and the Bangsamoro government. The members from the National Government include Diokno, Budget and Management Secretary Amenah Pangandaman and National economic and Development Authority Undersecretary Carlos Bernardo Abad Santos.