Events Calendar Archived (February 2016)

Date: February 16, 2016
Time: 09:00 AM
Venue: Sen. Laurel and Pecson Rooms, 2nd Floor, Senate of the Philippines

Proposals to reform the personal income tax has gained prominence in recent months. To date, personal income tax reform is part and parcel of the platform of a number of the candidates in the 2016 presidential elections. This paper aims to evaluate the various proposals in both houses of Congress to amend the existing personal income legislation. Proposals to amend the personal income tax schedule appear to be well-justified from the perspective of (i) the need to eliminate the bracket creep and (ii) easing the tax burden on Filipino personal income taxpayers relative to their ASEAN neighbors.

In terms of the progressivity of the personal income tax, all of the proposals to amend the personal income tax are progressive. However, two of the proposals, SB 2149 and HB 4829, are less progressive than the existing rate structure. In terms of revenue yield, all of the proposals are estimated to have a negative impact on government revenue. The projected revenue loss from proposals to restructure the personal income tax is best seen in the context of the government`s overall revenue and tax effort. Fiscal prudence dictates that new revenue measures be found to compensate for the projected revenue loss that will arise as a result of the implementation of any one of the various proposals to restructure the personal income tax. Thus, the questions that beg to be asked is: What new revenue measure or combination of measures will allow government to recover the revenue loss from the new personal income tax structure? Possibilities include increasing the VAT rate, excise tax on petroleum products, and road user`s tax.

PIDS Senior Research Fellow Dr. Rosario Manasan will discuss these issues at a forum on February 16 at the Senate. Jointly organized by PIDS and the Senate Economic Planning Office (SEPO), this forum is part of the Senate Centennial Lecture Series. The series aims to provide timely and interesting discussion of issues related to pending proposed legislative measures in the Senate.

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Date: February 23, 2016
Time: 02:00 PM
Venue: PIDS Conference Room, 18th Floor, Three Cyberpod Centris - North Tower, EDSA corner Quezon Avenue, Quezon City

The Philippine Institute for Development Studies (PIDS) conducted a seminar on Diminished Global Growth Prospects: New Economic Uncertainty and the Philippines on February 23, 2016, Tuesday, from 2:00 p.m. to 4:00 p.m., at the PIDS Conference Room, 18th Floor, Three Cyberpod Centris - North Tower, EDSA corner Quezon Avenue, Quezon City.

The year 2016 began with great market volatility from Shanghai to Wall Street. US recovery is slowing amid presidential campaigns while economic and political tensions are re-escalating in Europe. Japan is experiencing its third lost decade and China`s growth is decelerating. Brazil and Russia are amid contraction. World trade seems frozen. Oil and commodities are plunging. Currency wars are the new normal. Nevertheless, the US Federal Reserve is hiking rates. The Middle East is ablaze. Refugee crisis is the worst since 1945. How will emerging economies fare in the new normal? And the Philippines?

Addressing these issues was the seminar`s resource speaker, Dr. Dan Steinbock, a recognized expert of the multipolar world. He focuses on international business, international relations, investment and risk among the major advanced economies and large emerging economies, as well as multipolar trends in currencies, commodities, etc. Dr. Steinbock is also a visiting fellow at the Shanghai Institutes for International Studies SIIS (China). He has likewise served as Research Director of International Business at the India China and America Institute (USA) and Fellow at the EU Center (Singapore).

Related Commentaries and Articles by Dr. Dan Steinbock



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