DOF: IMF study to help gov’t boost, max VAT base, collect up to P539b READ MORE:
“We actually talked with the IMF and we asked them to conduct a study on where we can improve on broadening the tax base,” Finance Secretary Benjamin Diokno said in a press briefing in Malacañang when asked about government measures to tackle low VAT efficiency.
Meanwhile, Diokno said the approval of the estate tax amnesty extension until 2025 by the Senate would mean stronger compliance by taxpayers and additional revenue collections for the government. Prior to the passage of the reforms, the Philippine Tax Code contained many exemptions – some 56 lines of exemptions and 84 additional exemptions in special laws, he explained.
“Whereas if you are locally-based, then you are competing with other local domestic industries and therefore you should not be given a lot of incentives,” he pointed out.
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