In a 180-degree reversal, the incoming Minister of Finance yesterday said the new administration may cut taxes instead of hiking them as he earlier suggested.
Shea Jia-dong (
Chen immediately rebuffed Shea the next day by saying that the new administration would not consider raising taxes. Since then, Shea has been trying to clarify his position on taxes.
Yesterday, Shea said at a news conference that he would consider tax reforms after conducting a review of the tax system.
If the review finds that taxes are too high for wage earners, the Ministry of Finance (
He also stressed that the ministry would not impose higher taxes on the "legal economy" or salary-earners.
But Shea also said that the new administration could not rule out the possibility of raising taxes as a final option.
Shea said three main problems exist with the current tax system -- insufficient tax revenue, unfair taxation and government waste.
He said the new administration must make eliminating government inefficiencies -- especially redundant personnel -- its first priority.
Then after a review of the tax system is complete, the issue of unfair collection could be examined.
If the new administration were to consider raising taxes, it should specifically target sectors that often go untaxed, such as street vendors and those that profit from stock and real estate gains.
According to unofficial estimates, one-third of the nation's economy is the untaxed "gray economy."
But Shea stressed that any new tax proposals should not affect corporations or wage earners. Only when the tax system is adequately reviewed will the new administration consider increasing taxes -- the biggest concern of the general public.
After the new administration is inaugurated later this week, Shea has vowed to cooperate with the Directorate General of Budget, Accounting and Statistics (
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