The government’s tax panel Friday proposed an overhaul of the taxation system to deal with changes in the economy and called for the abolishment of special tax breaks meted out to individuals and corporations to avoid revenue shortfalls.

“Active promotion of structural reforms in the medium and long term will enhance economic efficiency and growth potential, and there is a need for the taxation system to appropriately deal with changes in economic and social structural changes,” the Tax Commission said in its tax reform recommendations for fiscal 2002.

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