Salceda: ‘House will get job done in finding funds for 2021 budget’

House ways and means chair Joey Salceda on Sunday assured the public that his committee will find funding for the necessary stimulus measures for the country’s economic recovery and the 2021 budget.

The Albay lawmaker made the comment in response to House Speaker Alan Peter Cayetano’s request on Friday, during the first briefing of the Development Budget Coordinating Committee (DBCC), that Salceda’s committee help the government find revenues for the country’s socioeconomic programs

“Chairman Joey, please help us find the money for the stimulus we need,” Cayetano said, as he commented on the briefing by the members of the DBCC.

“I assure the Speaker and the House leadership that the House Committee on Ways and Means will proactively work with the DBCC members to ensure that our budget is fiscally sustainable,” said Salceda.

“We will get the job done,” he said.

Salceda added that his committee already has measures lined up to generate about P50.25 billion on the first year of their implementation.

These include the updating of rates for the motor vehicle road users’ tax (MVRUT), higher taxes on Philippine Offshore Gaming Operations (POGOs), and tax administration measures on the digital economy to plug loopholes currently used by large corporations.

“The most obvious first step is to pass the POGO taxes, since China’s economy is already starting to recover,” he said.

“The POGOs have nowhere to go, since gambling is almost entirely banned in the rest of ASEAN. We will revisit the MVRUT in view of the hit the transport sector has taken,” Salceda said.

“Under the proposal, most of the revenues from private cars are already devoted to helping the public transport sector, but we will see how we can enhance the fairness of the measure more, given that we passed it before Covid-19,” he said.

“As for tax administration reforms on the digital economy, I have secured exemptions for small businesses. Online barter trade will also absolutely not be taxed,” Salceda added.

“Much of my committee’s work involves oversight of tax administration. The Vice Chairs have been very helpful in this regard,” Salceda said.

He said his committee has held regular meetings to combat technical smuggling and abuse of the customs bonded warehouses. The House tax committee is also monitoring the digitalization of the revenue agencies.

“We are just waiting for the Department of Finance to submit their proposals for making tax compliance digitally compatible. My office is also drafting counterpart proposals to boost taxpayer compliance and make the taxpaying experience easier,” Salceda added.

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Source: Latest Politics News Today (Politics.com.ph)