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RP loses P250B in taxes every year


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MANILA, Philippines (Xinhua) - The Philippines is losing as much as P250 billion ($5.53 million) yearly in uncollected taxes.

 

This is already equivalent to 77 percent of the country's P325 billion ($7.19 million) anticipated budget deficit this year, Philippine Finance Secretary Cesar Purisima told reporters on the sidelines of the country's economic briefing today, noting the need to review and recast the country's existing tax structure.

 

"I support the stand of Philippine President Benigno Aquino III 's proposal to first fix the leakages before implementing new tax measures. We estimate that at least P250 billion ($5.53 million) is lost because of tax evasion," he said.

 

Down the road, Purisima said he would support a review and restructuring of the sin tax law.

 

The Philippines currently has the cheapest cigarettes in Asia and calls have been made to impose a higher tax on the commodity to help address the country's ballooning budget deficit.

 

The country's health department for instance is pushing for a 400 percent increase on cigarette tax.

 

 

 

http://www.philstar.com/Article.aspx?articleId=604099&publicationSubCategoryId=200

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broden

how much are they "losing" in collected taxes?

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Broden;

 

Thats something that the Truth Commission should look into but they wont. If they ever did, it would really help the RP's deficit.

 

 

how much are they "losing" in collected taxes?

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I recently moved to California. If you look at the statistics, California residents have a very high median income compared to the other States. The State also has a high tax rate and a 10% sales tax, so they are raking in huge revenue. Additionally there are big fees for things like vehicle registration and so on.

 

Yet they are out of money.

 

Government seems to spend a little more than they have, no matter what.

Edited by locktite
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Exactly.

 

 

I recently moved to California. If you look at the statistics, California residents have a very high median income compared to the other States. The State also has a high tax rate and a 10% sales tax, so they are raking in huge revenue. Additionally there are big fees for things like vehicle registration and so on.

 

Yet they are out of money.

 

Government seems to spend a little more than they have, no matter what.

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