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Simplifying tax administration: Sen. Win Gatchalian leads the Committee on Ways and Means hearing on the proposed Passive Income and Financial Intermediary Taxation Act (PIFITA) Monday, January 22, 2024. If the proposed measure is enacted into law, Gatchalian pointed out, PIFITA will simplify tax administration by reducing the number of final withholding tax rates, unify tax rates on passive income, harmonize business taxes on financial intermediaries and rationalize documentary stamp tax. “There are three words to describe PIFITA – simplify, simplify and simplify. Simplify in terms of understanding the taxation covering the financial industry, simplify compliance from the point of view of taxpayers and simplify tax administration from the point of view of the revenue collecting agency,” Gatchalian explained. (Voltaire F. Domingo / Senate Social Media Unit)