RP to trim tax facility<\/p>\n
Philippine Finance Secretary Jose Isidro Camacho has ordered the
\ntrimming of tax exemptions and incentives granted by government
\nagencies in an effort to bolster the government's sagging
\nrevenues, it was announced here Sunday.<\/p>\n
The incentives and exemptions, granted to attract prospective
\ninvestors to this country, is \"an issue we have to deal with,\"
\nCamacho was quoted as saying.<\/p>\n
All agencies will be asked to harmonize their tax incentives,
\nthe department said, adding that the internal revenue bureau
\nwould tighten its controls as well.<\/p>\n
The department did not say how much was being lost to these
\nincentives and exemptions although some estimates have placed it
\nat about 4.2 billion pesos (US$82.4 million) a year.<\/p>\n
The International Monetary Fund (IMF) last week warned that
\nthe Philippines must rein in its budget deficit to achieve its
\nprojected growth targets for this year.<\/p>\n
The Philippines is targeting a budget deficit of 130 billion
\npesos for 2002 but the deficit has already soared to 82.9 billion
\npesos in the four months to April alone.<\/p>\n
Government officials have attributed this to poor revenue
\ncollections and accelerated spending in the first months of the
\nyear. -- AFP<\/p>",
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