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PHILIPPINES EXAMINES CAUSES OF POOR REVENUE COLLECTION.
MANILA, Dec 2 Asia Pulse - While some economic indicators have positively contributed to the performance of Philippine economy, tax collection agencies hardly meet their revenue targets.
President Gloria Macapagal-Arroyo said aside from the impact of the 1997 Asian financial crisis on the economy, low inflation and interest rates and the increase in the non-dutiable imports coming into the country have all resulted to lower public revenues.
The President admitted that the government's tax collections also have slackened because of the growth of non-paying taxes in agriculture and exports sectors and the specific taxes on liquors and cigarettes that don't increase with higher prices.
"Because of low interest rates, while being good for business, they have also led to lower taxes and interest income," she said.
The Chief Executive said while agricultural growth and exports have became an engine of economic growth, these sectors are not paying taxes.
"Also, we had a low inflation rate, and while this is good for the consumers, low inflation reduce that values. Non-dutiable imports also increased and while it is good for the riding public, that also reduced our tax rate," she explained.
The President said another reason of low government revenue collections is that specific taxes on liquors and cigarettes have not been raised to appropriate prices.
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Source: HighBeam Research, PHILIPPINES EXAMINES CAUSES OF POOR REVENUE COLLECTION.