The government presumes to own what you earn, and you are a tax evader!
That’s what the new tax regulation implies.
From the Inquirer.net
Every private citizen earning at least P500,000 annually will now have to file the equivalent of a statement of assets and liabilities and net worth (SALN)—previously required only of public officials.
The Bureau of Internal Revenue (BIR) said the new rule was meant to give regulators “the whole income picture of [an individual] taxpayer” and to help improve collections by clamping down on tax evasion.
The order, Revenue Regulation No. 2-2011, was signed and issued on March 1 by Finance Secretary Cesar V. Purisima.
Every citizen making at least P38,461 a month (assuming he receives 13 months’ worth of salaries each year) will be required to file a personal SALN to justify his or her gross income to the BIR.
The Philippine Government wants to control you.
Of course, the middle class and the politically unconnected will be the hardest hit, since this is a slippery slope or prelude towards MORE taxes.
And obviously this is being done for the benefit of the politicians and the bureaucracy. See the difference between political and so-called market "greed"?
Maybe these guys don’t know what is going on in the Middle East and Africa.
UPDATE: My friend Paul How deals with the same problem here
