On top of reconfiguring the skewed tax system, Alvarez stated the Duterte administration would additionally lobby Congress to loosen up the bank secrecy regulation as a manner of flushing out tax dodgers.
“Besides correcting this disparity by way of decreasing earnings tax fees, Malacañang’s monetary team will push for the relaxation of financial institution secrecy laws for tax fraud instances and the inclusion of tax evasion as a predicate crime to cash laundering,” Alvarez stated.
“In enjoyable financial institution secrecy laws, we need to cowl all sorts of debts, whether they pertain to deposits or investments, or to peso and dollar debts.”
Alvarez stated the modern management additionally wants to consist of tax evasion as a predicate crime to money laundering to trap the big tax evaders and haul them to court.
She said the DOF is also thinking about presenting regulation for a final tax amnesty as a way to be guaranteed to clean tax dockets.
The economic situation of the world 