FINANCE Secretary Carlos Dominguez III shrugged off reports that a number of multinational companies may leave the country due to the impact of the Tax Reform for Acceleration and Inclusion on their operations.
Dominguez said in a statement over the weekend the government had actually been generous to some foreign companies by giving incentives for decades.
“That is possible. But some companies have enjoyed tax incentives for over 40 years. No other country is as generous as the Philippines in giving long-term tax incentives,” he said in response to a query.
He said by taking advantage of the government’s generosity, these foreign firms had avoided contributing their fair share in the development of the country’s educational system and infrastructure.
“This is unfair to the other companies that pay the full tax rates. To enjoy incentives is to enjoy a privilege. In a just society, privileges are meant to be distributed fairly and not just to a few,” he said.