WB to assist Duterte govt on tax reform

0

THE WORLD Bank has offered technical assistance to the Duterte administration in crafting its tax reform program, the Department of Finance (DOF) said Monday.

In a statement, the DOF said the Washington-based multilateral lender expressed support for the tax reform proposal of the government during a recent meeting with Finance Secretary Carlos Dominguez 3rd.

The Finance department said World THE WORLD Bank has offered technical assistance to the Duterte administration in crafting its tax reform program, the Department of Finance (DOF) said Monday.

In a statement, the DOF said the Washington-based multilateral lender expressed support for the tax reform proposal of the government during a recent meeting with Finance Secretary Carlos Dominguez 3rd.

The Finance department said World Bank officials led by Vice President for East Asia and the Pacific Victoria Kwakwa offered to tackle with the new government best practices and experiences on tax reforms in other countries.

World Bank Country Director Mara Warwick said the reforms could be “game-changers” in improving transparency, monitoring and efficiency in tax administration, which could in turn expand the tax base.

The World Bank’s offer of assistance came after Dominguez explained to its officials the “transformative”
reforms the Duterte administration aim to carry out to help bring down the poverty rate from 26 percent in 2015 to 17 percent by the time it ends in 2022.

Tax reforms include measures to increase revenue collections while alleviating the tax burden on the middle class and vulnerable sectors; easing business processes and cutting red tape; initiatives to intensify social protection programs for the poorest of the poor; and accelerating spending on infrastructure by strengthening partnerships with the private sector.

Following the bank’s expression of support for the DOF’s proposed tax reforms, Dominguez requested a discussion with the Bureau of Customs for cooperation, including strengthening the bureau’s capacity to improve its tariff collections and reduce red tape.

Besides reducing poverty, the priority goals of the Duterte administration include upholding the rule of law and seeking peace with armed rebels, as well as strengthening relations with the Philippines’ neighbors, Dominguez told the World Bank delegation.

Dominguez conveyed the government’s strong interest in aligning the Country Partnership Strategy with the World Bank to President Duterte’s 10-point socioeconomic agenda and the forthcoming Philippine Development Plan.

The DOF chief also thanked the World Bank for its assistance in helping attain peace and development in Mindanao.

Dominguez cited, in particular, the Harnessing Agribusiness Opportunities through Robust and Vibrant Entrepreneurship Supportive of Peaceful Transformation (Harvest) Project for the Autonomous Region in Muslim Mindanao, which is now in the pipeline.

The World Bank’s Philippine portfolio has 15 operations with a total net commitment of around $3 billion. These include projects on irrigation, road improvements, rural development, transport, basic education and social protection.

Around $600 million worth of proposed projects funded with World Bank loans are in the pipeline.

Share.
loading...

Leave A Reply