CMEPA repeal sought – BusinessWorld Online
A CONGRESSMAN on Sunday urged lawmakers to repeal a law that revised capital markets tax rates known as the Capital Markets Efficiency Promotion Act (CMEPA) after widespread public backlash, calling instead for a tax on the “super-rich.”
Lawmakers should also junk an expanded corporate incentives law that was signed last year, which reduced corporate income taxes to 20% from 25%, Party-list Rep. Antonio L. Tinio said, as he described the laws as beneficial for the wealthy.
“If this administration is serious about equity, it should tax the billionaires, not the savings of ordinary citizens,” he said in a statement.
“Imposing a wealth tax on the top 1% can yield billions for social services, education, and health, directly benefitting the majority of Filipinos living in poverty,” he added.
Mr. Tinio is seeking to file a bill that would impose a 3% wealth tax on Philippine billionaires by next week, touting that his proposal could bring in at least P98 billion yearly.
Finance Secretary Ralph G. Recto last year said he is not keen on implementing a wealth tax as there are enough duties already. — Kenneth Christiane L. Basilio