The administration of President Ferdinand Marcos Jr. should uphold its “no tax exemption” policy in the Maharlika Investment Fund bills, Senator Francis Escudero said. | DFernandezINQ
The MIC, under the proposals, will be exempted from national and local taxes, and from coverage of the Governance Commission for Government-owned and -controlled corporations, the Government Reform Procurement Reform law, and the Salary Standardization law.
MIF and MIC’s importation of supplies and equipment will likewise be exempted from customs duties, pursuant to the Customs Modernization and Tariff Act. Escudero pointed out that the Land Bank of the Philippines and the Development Bank of the Philippines — among the sources of seed money for the MIF — have been paying taxes like other corporations.
“The Land Bank and the DBP do not do not enjoy these exemptions. So, why to give it to the MIC?” the senator asked. Escudero said that he will recommend other sources of the MIF “in the next couple of days” after they complete their research., measures seeking the creation of the MIF, on Wednesday.
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