Diokno eyes passage of all tax measures in 8 weeks

MANILA -- Budget and Management Secretary Benjamin Diokno is optimistic about the passage of all tax reform measures within the next two months, noting that lawmakers understand their importance in realizing the government’s infrastructure program.

“I’m very confident that all the tax packages will be passed,” he said in his speech during the Tax Management Association of the Philippines (TMAP) general membership meeting in Makati Thursday.

“Maybe, at best, maybe in eight weeks,” he said, noting that lawmakers will be very busy with campaign preparations once they file their candidacy in the coming weeks. Diokno added “it’s all or nothing” for the tax measures.

Hearings on the proposed tax amnesty, rice tariffication, reforms in taxes on mining and alcohol, as well as the TRAIN Package 2, are on-going at the House of Representatives.

The Department of Finance (DOF) has also submitted proposals for Package 3, or the reform on valuation of properties, and Package 4, which is a comprehensive measure on reforms of financial taxes.

Gains from these measures will primarily be used to finance projects included in the administration’s “Build, Build, Build” program.

Under the Duterte administration’s massive infrastructure program, at least PHP8 trillion will be spent to construct necessary infrastructure nationwide to ensure the domestic economy’s growth, and for it to be sustainable.

Majority of the projects will be put up in far-flung areas, especially in Mindanao, to uplift the economy of areas badly needing it. (PNA)