Henares on lifting bank secrecy law: ‘There is nothing we can do’

By , on September 21, 2015

Commissioner Kim Henares (Photo from www.bir.gov)
Commissioner Kim Henares (Photo from www.bir.gov)

MANILA – With several lawmakers rejecting Malacañang’s proposal to lift the bank secrecy law, Bureau of Internal Revenue (BIR) Commissioner Kim Henares may not be pushing for its passage.

The anti-tax evasion measure was earlier pressed by Henares and Finance Secretary Cesar Purisima to compensate the Congess’ income tax reform bill which has been projected to entail P29-billion in revenue losses.

“This is a way to collect taxes properly so that we will have room to adjust, but they (several representatives) don’t like it, so there is nothing we can do,” the BIR Secretary said in a Philippine Star report.

“They want to lower the rate of income tax. We are suggesting a way how to do it without increasing taxes. At the end of the day, it is up to them,” she added.

Last week, several congressmen opposed Malacañang’s proposal to ease restrictions in the bank secrecy law, asserting that it may discourage businessmen and lead to the harassment of some politicians.

President Benigno “Noynoy” Aquino III, for his part, reportedly ‘scolded’ allies who allegedly supported the lowering of personal and commercial income tax rates.