(Philippine Daily Inquirer) The Department of Finance is considering proposals from the capital market to rationalize taxes on financial instruments, which may include reduction of the tax on interest income.
***This will only weaken collection. Money is not invested in the market and just sits in the bank. If tax is reduced, the more the money will sit in banks. Anyway, the corporate entity has long factored and accepted taxes on financial instruments. Now, if this will apply to individuals, the extremely wealthy will be benefited at the expense of the Internal Revenue.
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