Tax professionals urged to help quicken PH shift to digital economy

Finance Secretary Benjamin Diokno urged tax professionals to support the country in its shift to the digital economy.

“We must do this now, and I ask for your support to see this through. I am calling on [the Tax Management Association of the Philippines (TMAP)] to help quicken the country’s shift to the digital economy by investing in technology and innovating your business practices,” said Secretary Diokno on Thursday (September 8) at TMAP’s 40th anniversary celebration.

Secretary Diokno recognized the work TMAP has done in engaging the public and supporting the modernization of the country’s tax policies.

He said that 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.

Secretary Diokno said that the 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.

Secretary Diokno identified digitalization as the key to transforming the system and eradicating corruption within the Bureau of Internal Revenue and 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,” said Secretary Diokno.

He further noted that 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.

Secretary Diokno called on TMAP to further simplify and streamline operational and core business processes through the use of digital tools to expedite the delivery of public services.

He also reminded tax professionals of their collective duty to inspire trust in the system and exercise their roles with utmost competence, professionalism, and integrity.

“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,” said Secretary Diokno.