THE government will never hit, much less surpass, its annual collection targets unless it indexes taxes to inflation and modernize fiscal incentives given to certain industries that account for over P100 billion in foregone revenues, The Department of Finance (DOF) said.

In a statement on Tuesday, Finance Undersecretary Karl Kendrick Chua said anew that alongside these reforms, the government also needs to relax the country’s bank secrecy laws that are among the most restrictive in the world and which prevents the Bureaus of Internal Revenue (BIR) and of Customs (BOC) to conduct the proper tax audits and subsequently run after tax dodgers and money launderers.

Premium + Digital Edition

Ad-free access


P 80 per month
(billed annually at P 960)
  • Unlimited ad-free access to website articles
  • Limited offer: Subscribe today and get digital edition access for free (accessible with up to 3 devices)

TRY FREE FOR 14 DAYS
See details
See details