The Philippines is working with the International Monetary Fund (IMF) in conducting a study aimed at addressing the low value-added tax (VAT) efficiency in the country. ManilaBulletin READ:
Finance Secretary Benjamin Diokno disclosed this on Tuesday, May 30, following a meeting with President Ferdinand "Bongbong" Marcos Jr. discussing the country's current tax system.
The Finance chief said with VAT being the best tax in the world— 90 percent of the countries around the world are imposing such tax—“it is in our interest to improve on the efficiency of the VAT.” “So, from 2016 to 2020, the Philippines collected an average P723 billion from VAT which is only 40 percent of the expected VAT collections,” Diokno said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LOOK: Seo In-guk is coming to the PhilippinesThe 'Reply 1997' star will be having a fan meeting in August!
Read more »
Paulo Alcazaren’s 'Plazas in the Philippines' exhibit: A love letter to a vanishing urban grandeurThe exhibit “Places of Memory, Places of the Heart: Plazas in the Philippines” runs until June 3, 2023. Metropolitan Museum of Manila, High Street, Bonifacio Global City. Pre-visit booking and registration are required. Free admission.
Read more »
EXPLAINER: How China got into the Philippines’ power gridHere's a rundown of the controversies surrounding the National Grid Corporation of the Philippines and a history of how China teamed up with Filipino businessmen to manage the country's transmission network.
Read more »
Philippines, US, Japan to hold first-ever joint coast guard exerciseThe coast guard of the United States, Japan and the Philippines will hold trilateral maritime exercise in the South China Sea this week, the first such maneuvers between them as a time of growing concern about China’s moves in the region. | Reuters
Read more »
NGCP activates Hermosa-San Jose line to improve Luzon power transmissionMANILA, Philippines — The National Grid Corporation of the Philippines (NGCP) has energized the Hermosa-San Jose (HSJ) 500-kilovolt (kV) transmission line project in a bid to strengthen the
Read more »
NGCP must refund fees collected for unfinished projects – senatorGatchalian says that the National Grid Corp. of the Philippines must return to consumers the fees it collected for the electricity transmission projects that have not been completed. | MRamosINQ /PDI
Read more »