(From BusinessWorld (Philippines))
Byline: Norman P. Aquino
Collected taxes as a percentage of the economy's total value are forecast to hit 14.6% by 2010, in line with the government's aim of balancing the budget.
By then, the excess in government spending over its revenues is expected to drop to a mere 0.2% of gross domestic product (GDP)- the value of goods and services produced by the economy. This is from 4.7% this year.
The interagency Development Budget Coordination Committee approved the new "tax effort" (ratio of tax collection to GDP) target given expected improvements in tax and fees collections by the bureaus of Internal …