Sen. Loren Legarda had this statement about tax reform
Senator Loren Legarda stressed that tax reforms should bring relief to Filipino families while ensuring accountability in government spending.
Talks about taxes and tax reforms have existed in society since time immemorial. Just recently, with the war in the Middle East and the oil price hike.
On Tuesday, March 17, based on the article in Bandera, Legarda presented in her privilege speech three tax reform bills: Senate Bill No. 1851, Senate Bill No. 1857, and Senate Bill No. 1963, which aim to lower the prices of food, medicine, and electricity for the average household.
The lawmaker insisted that the revenue lost from tax cuts can be recovered by addressing corruption, which has a greater wealth content than the cost of the reforms.
“Ang halagang mawawala sa mga tax cuts na ito ay mas mababa pa sa kabuuang nalilimas ng korapsyon tulad na lang ng mga anomalya sa flood control projects na umabot sa trilyong piso,” Sen. Loren Legarda said.
She explained that although taxes are the lifeblood of the State, they have become an additional burden for minimum wage earners and low-income families.
Reports stated that recently, inflation reached 2.4 percent, driven by a 1.8 percent increase in the price of food and non-alcoholic beverages, further squeezing family budgets.
“Hindi mapapatakbo ang isang bansa kung walang buwis na kinokolekta mula sa mga mamamayan. Ngunit kung ang buwis ay halos sinasaid na ang bulsa ng ordinaryong Pilipino, hindi na lifeblood ang tawag dito, dagdag pagdurusa na,” Sen. Loren Legarda said.
Under the Differentiated VAT Rates Act, it is proposed to lower the VAT to 10 percent for basic goods and services, while maintaining the 12 percent rate for luxury items such as luxury vehicles, real estate, cigarettes, vapes, and alcohol.
Legarda said that the minimum wage earners should not subsidize the lifestyle of the wealthy.
