Quimbo hopeful of income tax reform passage in 17th Congress

House committee on Ways and Means Chairman Romero "Miro" Quimbo on Wednesday expressed optimism that his proposed individual income tax reform will finally be signed into law under the Duterte administration.

This was after Incoming Secretary of Finance Carlos Dominguez announced before business leaders on Monday that the incoming administration "will review the tax system, initially to update the income tax brackets and eventually lower [corporate and] individual tax rates."

"Tax reform is finally going to happen. We have been fighting for this since the start of the 16th Congress. We have conducted exhaustive research, analyses, and discussions over the past years," said the Marikina Congressman.

"Last Congress, we faced a setback due to the lack of support of some stakeholders. But I am confident that the advocacy for an inclusive income tax system will forge on in the 17th Congress, now that the Executive Branch is in sync with the vision of Congress." added Quimbo, the Lower House' primary mover of tax reform.

He further said that this will be the first bill he will file in the 17th Congress.

"Our current income tax system perpetuates an archaic, unfair, and inequitable policy. We cannot allow the suffering of our ordinary tax payers under the flawed tax system to perpetuate and last longer than necessary," he added.

The veteran lawmaker championed the Tax Reform for Inclusive Growth advocacy in the 16th Congress. He was also the prime mover of Republic Act 10653, which raised the tax cap for the 13th month pay and other bonuses to P82,000 from P30,000, which has largely benefitted the middle class, especially salary and wage earners. (PNA)