Having previously submitted formal comments to the Philippines’ Senate Ways and Means Committee on the Tax Bill Package 1, ITIC was invited to present short comments during a recent Senate hearing.

ITIC Advisor Wayne Barford (former Assistant Commissioner for the Australian Taxation Office) commended the work of the Department of Finance on the Tax Bill, and noted that the “Bill is generally consistent with important economic principles guiding most tax reforms worldwide as it aims to lower marginal tax rates for most taxpayers, broadens the tax base and attempts to simplify the system that is covered in your Tax Bill Package 1.”

During his remarks, Mr. Barford noted the parts of the Tax Bill that ITIC supports, suggested specific amendments to make parts of the Bill more effective, and drew attention to areas that need further reform.