Viral Portal News: offset

Binay’s camp: End smuggling to offset loss from removing income tax

Unknown 1:17 AM Binay’s , camp , from , income , Loss , offset , removing , smuggling

<ul style="text-align: justify;"><li>Vice President Jejomar Binay’s camp explained how to offset the projected loss in revenue with his plan to remove income tax for those who are earning less or at least P30,000 monthly</li> <li>BIR commissioner Kim Henares said P115 billion will be lost</li> <li>Binay’s camp said ending the smuggling will offset the loss from his proposed program</li> </ul>Vice President Jejomar Binay, who promised to remove income tax for workers and employees who have a monthly pay of 30,000 pesos or less, is being asked on how he could possibly do it especially that the proposal does not sit well with the Bureau of Internal Revenue (BIR). BIR Commissioner Kim Henares, according to RG Cruz’s report on <a href="http://news.abs-cbn.com/halalan2016/nation/03/14/16/how-will-binay-cut-income-taxes-spokesman-explains">ABS-CBN</a>, said passing the proposal would mean revenue loss for the government. House ways and means committee chair Miro Quimbo agrees with Henares’ stand. “It would mean that almost 9 out of ten current taxpayers will no longer be paying. It will cut in half the amount collected from individual taxpayers to the extent of P115 billion. Which government programs will be stopped?” Quimbo asked. But Binay’s camp revealed what they think is the possible solution. Binay’s spokesperson for political affairs Rico Quicho said that putting a stop to smuggling operations in the country could offset the projected revenue loss. “Diyan po manggagaling ang revenue ng pamahalaan [That is where the government revenues would come from],” he stated. Quicho assured the public that under Binay’s “decisive” administration, the Customs will undergo modernization. He promised that a systematic collection will be implemented and that Binay will focus on the program. <a href="http://kickerdaily.com/binays-camp-end-smuggling-to-offset-loss-removing-income-tax/" rel="nofollow">Kicker Daily News</a>

Vice President Jejomar Binay’s camp explained how to offset the projected loss in revenue with his plan to remove income tax for those who a...