The Department of Finance (DOF) will prioritize the imposition of value-added tax on digital goods and services to broaden the country’s tax base and make lower taxes possible.
THE Department of Finance will prioritize the imposition of value-added tax on digital goods and services to broaden the country’s tax base and make lower taxes possible.
“When you have a broader [tax] base, you can reduce the tax rate because revenue is rate times base,” Diokno said. “If you have a broad base—meaning there are more taxpayers—we can afford to reduce the [tax] rate,” The other P4.6 billion will be used as budgetary support to government-owned or -controlled Corp.s that are chaired by the DOF. These are the Philippine Tax Academy and the Philippine Crop Insurance Corp. .
MEANWHILE, the Senate Finance Committee approved the P1.816 billion proposed 2023 budget of the Department of Budget and Management and its attached agency, Government Procurement Policy Board .
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