The introduction of new taxes is crucial to ensure the country’s fiscal sustainability, according to a study from the state-owned think tank Philippine Institute for Development Studies (PIDS).
The introduction of new taxes is crucial to ensure the country’s fiscal sustainability, according to a study from the state-owned think tank Philippine Institute for Development Studies .
“Relatively, there are buoyant taxes but we might still be able to improve. In particular, I’m a strong advocate of the property valuation efforts that are currently in Congress right now,” Diokno-Sicat said in a recent presentation. “More comprehensive tax reforms may have warranted a longer time to be fully implemented, and enforcing the changes may have occurred later than the effective date of the policy. Tax reform dummy variables are then lagged two years as seen in the ,” the researchers said in a discussion paper. Tax buoyancy was only a part of the study which focused on the 2023 national budget and the financing needed for it.
Social services and economic services also accounted for the top two expenditures by sector at 39.3 percent and 29 percent, respectively. The researchers also said the government’s net financing requirement for the budget is 8.8 percent of GDP or P2.082 trillion. This is composed of P1.651 trillion worth of net domestic borrowing and P431.037 billion net foreign borrowing.
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