Gonzalo Varela, lead economist for the Philippines at the World Bank, said in a briefing yesterday that the Philippines can increase its tax collection without raising tax rates through better tax administration.
He said one of the ways to improve the tax haul is by looking at the VAT exemptions in the country.
"There are many exemptions that apply to VAT zerorated sectors that introduce distortions in the system, that allocate resources in a way that is not necessarily optimal, but also reduce the capacity of the collector to collect taxes, given the tax rates," he said.
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FFCCCII backs further lowering of rice tariffs
The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) is supporting a proposal to further reduce the import duties slapped on rice to help bring down the prices of the staple.
'Rice farmers to lose P33 B from lower tariffs'
Local rice farmers stand to lose P33 billion if the tariffs on imported rice are further reduced, as this is expected to translate to lower farmgate prices, an industry group said.
DoubleDragon brings Jollibee Group's multi-brand format to CityMall
DoubleDragon Corp., the listed property developer chaired by Edgar âInjapâ Sia II and co-chaired by Tony Tan Caktiong, is bringing the innovative multi-brand format of the Jollibee Group to its network of CityMalls across the country.
Prime Infra inaugurates solar power plant in Batangas
Razon-led Prime Infrastructure Capital Inc.âs subsidiary Prime Solar yesterday inaugurated a 64-megawatt (MW) solar power plant in Tanauan, Batangas.
Jollibee bullish despite weak China market
Homegrown fast-food giant Jollibee Foods Corp. (JFC) remains optimistic on its growth targets for the year despite prevailing headwinds in China.
Inflation likely stayed elevated in May - BSP
Driven by more expensive power rates and a weaker peso, inflation may have accelerated within the 3.7 to 4.5 percent range in May, possibly breaching the two to four percent target for the first time in six months, according to the Bangko Sentral ng Pilipinas (BSP).
Mavericks are best in the West
Luka Doncic was in his element, hitting shots from everywhere on the court, hushing the crowd and flashing those sly smiles as the Dallas Mavericks delivered a knockout performance.
EJ wins silver on borrowed pole
EJ Obiena broke his pole - again.
Iran opens registration for June presidential election
Iran opened a five-day registration period Thursday for hopefuls wanting to run in the June 28 presidential election to replace the late Ebrahim Raisi, who was killed in a helicopter crash earlier this month with seven others.
Rafah battles intensify
Intense shelling and gunfire rocked Rafah in southern Gaza on Thursday, after Israel declared it had seized a strategic corridor along the Palestinian territoryâs border with Egypt.