Zero tax, less paperwork: Here’s how Duterte plans to lure investors to PH as president
Davao City Mayor Rodrigo Duterte continues to keep the public guessing on whether or not he will run for president as he shares what he plans to do when elected to the post while at the same time insisting he’s not interested in staying in Malacañang.
In an interview with Asian Dragon magazine, Duterte provided a glimpse on how he intends to lead the country should he be elected as president in the 2016 elections.
The feisty mayor, who restored investor confidence in Davao City with the reforms he put in place, said he plans to scrap taxes for those earning P24,000 and below monthly.
“If you’re earning P24,000 and below, no more income tax— the rest will be a gross tax on everything. Show your expenses, and there is a tax schedule. It’s been done in Singapore and Malaysia,” he said.
To offset the expected losses from scrapping income taxes from lower-middle class workers, Duterte said he will simplify laws and regulations related to doing business so that more investors will be enticed to pour money into the Philippine economy.
“For example, in a department or authorizing body, I would limit the period where they can sit down on an application. If you do not have the workers, tell me; I will ease restrictions. I will make it easy for business to go direct to Customs. If you are not satisfied, you are welcome any time to tell me your problems,” he said.
Aside from simplifying tax laws and business regulations, Duterte said investors should be given the assurance they won’t be fleeced of their money by corrupt officials.
“Assure business people of no extortion from anybody, whether police, BIR or Customs. Allow them to do business, and they will be happy,” he said.