No double taxation under draft federal charter, says Con-com
Credit: GMA News
The Consultative Committee denied Tuesday allegations that the draft federal constitution will allow double taxation thereby putting more burden to the people.
“Double taxation is absolutely false. It is provided in the draft that no double taxation should be allowed,” Conrado Generoso, Con-com spokesperson who presented the draft constitution, said during the Senate hearing on the proposed Charter change.
Generoso added that under the draft constitution, the federal government and federated regions shall have a 50-50 share of all revenue from the income taxes, excise taxes, value added tax, and Customs duties.
He added regions in need shall be given a share form the Equalization Fund which shall not be less than three percent of the annual General Appropriations Act.
The federated regions shall also be entitled to 50 percent of all net revenues derived from the exploration, development, and utilization of all natural resources within their territory, he said, adding that the federal government may use its share to other regions which will need fund.