These tax havens are sprouting all over our nation, and they’re providing shelter to big businesses that are enjoying huge tax incentives and other privileges that are denied ordinary Philippine enterprises.
Vodafone’s most recent financial statements, which can be acquired from the Australian Securities and Investments Commission show rising sales, yet continuing losses.
Ms Cheryl Chan (Fengshan) called for net-wealth taxes and taxes on inheritances in remarks made in Parliament on Wednesday, and asked if ultra-high-net-worth individuals were willing to share their wealth to uplift the vulnerable and less privileged.
To reduce the wealth inequality gap, Singapore has taxes on personal income, property and consumption, so the top earners and those with more assets contribute to the national coffers, she noted.
Yet despite the Big Four’s control over half of the market, raking in nearly $150 billion between them, the mid-tier have all managed to record revenue growth over the past year.
China’s highest-paid movie star, Fan Bingbing, was ordered to pay more than $100 million in back taxes and fines in October after a months-long tax probe, sending a deep chill through the domestic film industry.