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Subject: Expert backs plan to raise revenues from car owners Author: Tax article from the MB [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 07:38:09 08/05/05 Fri Author Host/IP: 210.213.228.87 In reply to: / Inquirer News Service 's message, "5 doctors to pay P450 M more in taxes" on 12:55:55 08/03/05 Wed Expert backs plan to raise revenues from car owners By EDITH B. COLMO DUMAGUETE CITY — A former Bureau of Internal Revenue (BIR) official has supported the plan of Negros Oriental Rep. Herminio Teves to require buyers of motor vehicles to present their income tax returns (ITRs) first before they could take their flashy cars and vans home. Lawyer Frederick Capitan, a former revenue district officer (RDO) and top official of the BIR’s tax fraud division, said that this requirement should have been imposed a long time ago were it not for the resistance by some quarters who feared that presenting ITRs to the Land Transportation Office (LTO) could expose them to undue scrutiny and invade their privacy. Teves earlier urged the LTO to also share its database with the BIR, which is the only agency empowered to collect taxes and investigate citizens who are cheating on their income taxes or circumventing the law to reduce their tax obligations. "Tax the rich. Tax those who buy cars. Many of them earn their money from dividends, money market placements and other unreported sources of income," Capitan said. "Those who earn from dividends, money market placements and others only pay a final tax. They do not even file their ITRs," he added. Capitan said those who buy cars using bank loans must have their ITRs, so the BIR must be on the lookout for them. The former BIR official said the Teves proposal is laudable and is doable. "Under the law, all forms of income, legal or illegal, are subject to tax. Those who earn incomes from activities not reported to the BIR must legitimize the same," Capitan explained. On the significant issue of high remittance fees assessed by government financial institutions (GFIs) from overseas Filipino workers (OFWs), Caoitan said "government must check whether charges slapped on OFWs cover the tax paid by banks. Remittances should not be assessed taxes since they are exempt. Banks pay five percent for gross receipts tax (GRT) and the 32 percent corporate income tax (CIT)," he said. http://www.mb.com.ph/PROV2005080541126.html [ Next Thread | Previous Thread | Next Message | Previous Message ]