, 2023-01-20 02:46:00
Instead of scaring the rich with a hefty wealth tax, a lawmaker is proposing to tax luxury goods instead including jewelry and bags, wines and art, cars, private jets, yachts, residences, and others.
Albay 2nd District Rep. Joey Salceda warned imposing a wealth tax would only scare off potential investors including billionaires who are already living in the Philippines.
“Kapag tinax mo yung wealth, tatakbo yan eh. So anong P200 billion? P200 billion somewhere in the Cayman Islands? I think it is very mobile, may cryptocurrency. We have a bank secrecy law, one of the strictest in the world so how can you find that P200 billion?” he said in an ANC Headstart interview.
He cited as an example the world’s richest man, French luxury group LVMH CEO Bernard Arnault, who is being offered citizenships by several countries so that he would come and stay there.
“I can name you a lot of countries who want rich people to be their citizen. So it’s contrary. They want rich people to be in their neighborhood for most likely to spend their wealth there, buy villas there and probably invest too by sheer familiary to their surroundings,” he said.
Salceda noted the Philippines is offering long-term investor’s visas…
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