Sunday, December 15, 2013

Absurd tax exemption bills | Inquirer Business

see - Absurd tax exemption bills | Inquirer Business

"x x x.
The problem with tax exemptions is they distort the revenue structure of the country and, no thanks to imaginative tax lawyers and accountants, provide opportunities for tax evasion.
Before the bill on tax exemption of athletes was filed, did its proponent conduct a study on how many people within the proposed 10-year coverage period can avail themselves of that privilege? Offhand, that number could run into thousands since local and international sports contests have been practically a dime a dozen in recent years.
And has the sponsor figured out how much revenues stand to be uncollected or diminished by way of tax credits for past tax payments? So how will the shortfall in tax collections that will result from the exemption be made up? Through additional taxes or the reduction of government subsidy for basic public services?
If at all, the only redeeming factor of the reduction in tax collections is the congressmen and senators will have less money to steal from the national treasury to line their pockets. Small comfort only the mentally infirm will enjoy.
Congress will do the country a big favor if it adjourns as soon as possible to prevent its members from coming up with legislative proposals that betray their moral and intellectual bankruptcy.
x x x."

Read more:
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook