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Philippines finance chief opposes plan to tax the super-rich

Philippines Finance Secretary Carlos Dominguez III has expressed opposition to the proposed plans to tax the super-rich, saying that it could lead to aggressive tax avoidance schemes and drive out investment from the Philippines. House Bill No. 10253 or the proposed Super-Rich Tax Act of 2021 seeks to impose a tax of 1-3% for wealth starting at P1 billion and beyond. Dominguez instead supports plans to reform real property evaluation. He said that local governments should effectively collect revenues from the wealthy through improved real estate valuation as he prepares a transition plan to help the next administration manage the country’s debt. Dominguez said local governments are in the best position to implement a real effective wealth tax, which is a tax on real estate, adding that property valuation should be assessed in line with international standards.

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