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.
Bu hikaye The Philippine Star dergisinin April 04, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Philippine Star dergisinin April 04, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
Marcos to skip Peace Summit in Switzerland
President Marcos will skip the global peace summit in Switzerland this weekend and send presidential peace adviser Carlito Galvez Jr. as the country’s representative, Malacañang announced yesterday.
FDA warns public against fake pain relief medicine
The Food and Drug Administration (FDA) has warned the public against the purchase and use of a counterfeit version of an over-the-counter medicine used for muscle pain relief.
LTO: Court order needed for release of colorum vehicles
The Land Transportation Office (LTO) will require a court order before releasing colorum vehicles as the government ramps up its campaign against illegal public utility vehicles, an official announced yesterday.
Another 'Luffy' gang member deported
The Bureau of Immigration (B) deported yesterday another Japanese national suspected to be a member of the robbery ring called \"Luffy.\"
Malabon offers over 1,400 jobs to 4Ps beneficiaries
More than 1,400 jobs were offered to about 650 beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) during a job fair at the Malabon Sports Complex yesterday.
Kanlaon eruption: 1,237 families still in evacuation centers
At least 1,237 families or 4,190 residents of five barangays in La Castellana, Negros Occidental who were affected by the eruption of Kanlaon Volcano remain in evacuation centers.
Four US teachers stabbed in China
Four American college instructors working in China were wounded in a stabbing in a public park, their employer said, with Beijing yesterday describing it as an “isolated” incident.
Car sales climb 5.5% in May
Sales of motor vehicles in the country picked up by 5.5 percent in May from a year ago, supported by improved supply and demand.
Trade deficit at widest level in 5 months
The country posted its biggest trade gap in goods in five months last April as exports grew at a faster pace than imports, according to the Philippine Statistics Authority (PSA).
CA extends freeze order on MFT Group assets, bank accounts
The freeze order over the bank, investment and insurance accounts of Maria Francesca Tan (MFT) Group of Companies Inc. has been extended for six months.
