Photo Release

Senate takes up bill simplifying passive income, financial taxes: Sen. Pia Cayetano (right) and Senate Minority Leader Franklin Drilon discuss with Department of Finance (DOF) officials the bill aimed at making capital income taxes and financial intermediary taxes simpler, fairer and more efficient. The proposed Passive Income and Financial Intermediary Taxation Act (PIFITA), the fourth package of the Comprehensive Tax Reform Program, was taken up during Wednesday’s February 5, 2020 hearing conducted by the Ways and Means Committee chaired by Cayetano. (Albert Calvelo/ Senate PRIB)