Photo Release

February 12, 2020

Pros and cons of PIFITA bill: Ways and Means Committee Chairperson Sen. Pia Cayetano explains to various stakeholders the importance of the passage of the proposed Passive Income and Financial Intermediary Taxation Act (PIFITA), a comprehensive tax package that aims to simplify and standardize market taxes. Some unintended consequences in repealing the tax exemptions granted to certain sectors were also discussed in the second public hearing at the Senate Wednesday, February 12, 2020. (Joseph Vidal/ Senate PRIB)