Finance Secretary Benjamin Diokno said tax professionals play a big role in pushing the country’s shift to the digital economy.
In a speech delivered to the Tax Management Association of the Philippines (TMAP) last September 8, Diokno said the support of tax professionals helped in passing game-changing structural reforms, such as the Tax Reform for Acceleration and Inclusion or TRAIN Law and the Corporate Recovery and Tax Incentives for Enterprises or CREATE Law.
“I am calling on [the Tax Management Association of the Philippines] to help quicken the country’s shift to the digital economy by investing in technology and innovating your business practices,” Diokno said at TMAP’s 40th anniversary celebration.
In a statement released Tuesday, Diokno’s office said the government’s economic team counts on TMAP’s “continued support and steadfast commitment to propel the economy forward.”
“The Marcos administration is implementing a Medium-Term Fiscal Framework that seeks to usher the Philippines back to its high-growth trajectory. Through the framework, the government aims to enhance the fairness and efficiency of the tax system, and focus on efficient tax administration through digitalization,” he said.
Diokno said digitalization is key to transforming the system and eradicating corruption within the Bureau of Internal Revenue and the Bureau of Customs.
“I have directed our revenue agencies to fast-track the digitalization of our revenue and customs systems to boost our tax effort, enhance tax administration, and eliminate discretion,” he said.
Digital transformation will help ensure the long-term recovery of the economy, modernize governance and allow the Philippines to perform as well as, if not better than, its Asean neighbors, he added.
Diokno said TMAP should further simplify and streamline operational and core business processes through the use of digital tools to expedite the delivery of public services.
“Tax professionals and taxpayers alike have a meaningful role to play in achieving the goals embodied in our fiscal framework. These goals are ambitious but doable if we work together,” he said.
