A proposed “People’s Fund Bill”, authored by Senator Bam Aquino, will give taxpayers the power to choose where to allocate five percent of their income tax.
Sen. Aquino reiterated this during Tuesday’s hearing of the Senate Ways and Means Committee, regarding Senate Bill No. 1356 or the “People’s Fund Bill”.
The People’s Fund Bill creates mechanisms for taxpayers to allocate part of their income taxes to an accredited charity or civil society organization, a priority national or local government project, or a legitimate political party.
According to Sen. Aquino, the “People’s Fund Bill” could very well complement the government’s P130-billion rehabilitation plan for provinces devastated by super-typhoon Yolanda.
“Through the People’s Fund Bill, the public can help survivors of Yolanda more quickly get back on their feet,” Aquino said.
The senator stressed that the government needs all the help it can get from different sectors in the aftermath of several calamities that hit the country this year.
During the hearing, Bureau of Internal Revenue (BIR) Commissioner Kim Henares expressed apprehension over the passage of new tax reform bills.
In his response, Sen. Aquino said, “We disagree with the BIR on this issue. We understand their objective to collect more taxes for the country, but we also need space to support initiatives that will promote the development of our people and increase their participation in governance.”
Henares later on said that the government is ready to implement the “People’s Fund Bill” if it will be enacted into law.
Henares also called for a stringent accreditation process for charity or civil society organization, which stand to benefit from the bill.