Many believe that the prevailing tax regime on Capital Income and Financial Transactions is uncompetitive and complicated and is therefore, difficult to comprehend and administer. To address this concern, the DoF proposes Package 4 of TRAIN Law which seeks to reform the current tax structure in the financial sector; making it simpler, fairer, more efficient and revenue neutral in short-term period. The first step had already been undertaken when House Bill 8252, otherwise known as “Capital Income and Financial Intermediary Taxation Act of 2019,” was filed in the House of Representatives.
In this light, The American Chamber of Commerce of the Philippines organized a dialogue on the proposed reforms on Taxation of Capital Income and Financial Transactions with BDB Law Founding Partner and CEO Atty. Benedicta Du-Baladad as resource speaker. Atty. Du-Baladad has imparted her expertise by providing an overview on the proposed legislation. This was undertaken primarily to understand and have an enhanced knowledge on the proposed changes in the tax regime in the financial sector. (October 31, 2018, ANZCHAM Hall, Corinthian Plaza Building, Legaspi Village, Makati City).