Senator Escudero said that the Marcos administration should uphold its “no tax exemption” policy in MIF (Maharlika Investment Fund).
MAHARLIKA INVESTMENT FUND – Senator Francis “Chiz” Escudero wanted the administration of President Bongbong Marcos to uphold its “no tax exemption” policy in MIF.
On Thursday, the senator said that the current administration should uphold its “no tax exemption” policy in the Maharlika Investment Fund (MIF) bills.
Senator Escudero recently raised concern about the privileges that will be accorded to the Maharlika Investment Corporation.
The Maharlika Investment Corporation, under the proposals, will be exempted from local and national taxes, and from coverage of the Governance Commission for Government-owned and -controlled corporations (GOCCs), the Salary Standardization law, and the Government Reform Procurement Reform law.
According to a report, MIC and MIF’s importation of equipment and supplies will likewise be exempted from customs duties, pursuant to the Customs Modernization and Tariff Act.
“The policy of the previous administration was not to provide tax exemption, or at the very least minimize it,” the senator said. “It is bad policy to have a lot of exemptions and very difficult to implement, if at all. So, I think they should continue with that policy.”
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He also pointed out that the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines — among the sources of seed money for MIF — have been paying taxes like other corporations.
He added that he will recommend other sources of the MIF “in the next couple of days” after they complete their research.
On Wednesday, the Senate committee on banks, financial institutions, and currencies started its debates on Senate Bill No. 1670 and House Bill No. 6608, measures seeking the creation of the Maharlika Investment Fund.
It was in December last year that the House of Representatives approved their version of the bill.
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