MANILA, Philippines – The 19-year-old personal and corporate income tax systems of the Philippines are the "most uninviting and out of date" among the Association of the Southeast Asian Nations (ASEAN) economies, several economists said. Even Finance Secretary Cesar Purisima agreed with other government officials and business groups that "it's high time for a tax reform." (READ: Big business groups to Aquino: Reform taxes) "I'm not debating with you that there is nothing wrong with our tax system. Reform is needed. What I'm saying is we need to have a holistic approach," Purisima told the audience of the 28th Philippine Economic Briefing in Pasay on Wednesday, September 30. As the ASEAN region moves toward a borderless economic community, the Philippines will have the most uninviting tax systems among its ASEAN-6 peers should the government not implement a taxWhy PH has 2nd highest income tax in ASEAN
