Mon Abrea, Founding Chairman and Chief Tax Advisor of the Asian Consulting Group, noted that passing the essential tax measures, such as the excise tax on single-use plastics and the value-added tax on digital services, in a bid to generate much-needed government revenue, would not be difficult, given President Marcos’ priorities.
However, in an exclusive interview on ABS-CBN News Channel’s “Insight with April Lee Tan”, Abrea noted that the government’s priorities must be aligned with the need to enhance the country’s tax collection efficiency, so that the government would be able to fund such infrastructure projects. He emphasized the need to modernize tax agencies, especially for VAT collection, and advocated for improvements in the Bureau of Internal Revenue and the Bureau of Customs.
Abrea’s proposal includes government-provided pre-filled tax returns for professionals and online sellers, alongside a reevaluation of bank secrecy laws to enable focused investigations of high-risk taxpayers.
Video courtesy of ANC’s ‘Insight with April Lee Tan’ on iWantTFC.
