‘Big industries must make up for low tax’

The Department of Finance (DOF) is pushing the Bureau of Internal Revenue (BIR) to widen the scope of its Large Taxpayers Service (LTS) Unit coverage to generate more revenue and make up for the drop expected from the government’s proposed lower tax rates.

Lowering the income tax rate is a part of the new administration’s 10-point economic agenda that seeks to make tax administration more progressive by updating the income tax brackets and indexing tax collections to inflation. This should reduce the burden on ordinary workers.