Tracking real estate assets of professionals, businessmen to increase tax revenue – Teves

If tracing the hidden wealth of government men can be done through the filing of Statements of Assets, Liabilities and Net worth (SALN), the same tact should be applied to the country’s high-earning professionals and businessmen by simply tracking their real estate assets and other luxury properties.

This scheme was proposed by Negros Oriental Rep. Arnolfo Teves as one of three ways of plugging gaping holes in the tax collection system.

In a privilege speech, Teves aired the optimism that the three proposals, could increase revenue collections that can provide enough reason for government and Congress to do away with the enactment of new tax laws.

Teves urged President Duterte and Congress to allow additional R25 billion to acquire modern and accurate X-ray machines to be deployed in all Bureau of Customs ports of entry.

He also asked the Bureau of Internal Revenue (BIR) to go after manufacturers and distributors of bath soaps, shampoos and beauty products, noting that the R2-billion industry appeared to be getting away with legal technicalities to avoid paying the right taxes.

Teves noted that revenue collectors merely accept what businessmen and professionals volunteer to declare as bases for tax payments.

BIR, he said, should instead track down hidden wealth of many businessmen with very profitable firms by simply determining real estate and luxury items and by conducting lifestyle checks.

The revenue agency said this move can be launched by placing emerging and already prosperous business owners and professionals on the BIR radar.

“Tayong lahat nagsa-submit ng SALN para malaman ng pamahalaan ang yaman natin. Ang mga malakas kumitang private individuals, mga opisyal ng mga private companies, dapat din malaman ang kanilang mga acquisitions,” Teves stated.

In a letter sent to Duterte and senators, Teves appealed for support in improving the “no x-ray, no entry” policy of the BOC by procuring the needed X-ray equipment to be deployed in all customs areas throughout the country.

“A R25-billion investment is a mere drop in the bucket if compared to the projected R140 annual collection increase over government’s revenue goal for each year as soon the state-of-the –art X-ray equipment are installed,” he stated.