Govt tax effort climbs to 14.6% in Q1
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Wed, 15 May 2019 04:52:07 +0000
THE government’s tax effort climbed in the first quarter of 2019 on the back of a double-digit expansion in tax revenue, the Department of Finance (DoF) reported on Wednesday.
Tax collections as a percentage of gross domestic product (GDP) rose to 14.6 percent in the first three months of the year from 14.3 percent a year earlier, it said in an economic bulletin.
Tax revenues grew by 10.2 percent in the three months to March with the Bureaus of Internal Revenue and of Customs collections rising by 10.7 percent and 9.3 percent, respectively.
“This is due to second phase of Train 1 and continued tax administration reforms,” the Finance department said.
Implemented at the start of 2018, Train or Tax Reform for Acceleration and Inclusion law exempts those earning annual taxable incomes of P250,000 and below from paying personal income taxes. In exchange, new taxes were imposed on fuel, sugar-sweetened beverages and non-essential cosmetic procedures, among others.
The post Govt tax effort climbs to 14.6% in Q1 appeared first on The Manila Times Online.