DOF calls for tax reform after P144-B loss

The Department of Finance (DOF) is calling for a transparent and accountable mechanism in the grant of tax incentives following the release of the Tax Expenditures Report (TER), which revealed that the government lost P144 billion in 2011 from granting tax perks.

The report said the amount of tax incentives granted in 2011 was equivalent to about 1.5 percent of the country’s GDP, 9.26 percent of actual government spending, and 10.61 percent of government revenues during the year.