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Improving tax administration: Sen. Win Gatchalian, during the resumption of the Ways and Means Committee hearing Monday, January 29, 2024 on the proposed Passive Income and Financial Intermediary Taxation Act (PIFITA), says harmonizing tax rates will improve compliance and administration of tax rates. At the same time, Gatchalian said simplifying the tax rates will grow the market size of the different financial sector components such as the equities and insurance markets. “The goal here is not only to simplify, of course, simplification is something that we all welcome, but also to grow the market size. Because the theory here is (when) we grow the market size, there are more revenues, and therefore there are more taxes to be collected. And that will offset the negative revenue impact of this measure,” Gatchalian explained. (Senate PRIB)