Philippine president to deal with tax evaders

20:28, July 16, 2010      

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Philippine president Benigno Aquino III is sticking with his promise not to raise new taxes but instead run after tax evaders to address the country's ballooning budget deficit.

Aquino, barely a month in his position, told reporters on Friday that his administration will file more charges against suspected tax evaders and smugglers and will make sure that the cases filed will prosper.

"We have the intelligence information. You want to make sure the information, the evidence is complete in order for (the case) to prosper in court so that conviction rate will not be low. It's non-sense to arrest if nobody will be convicted," Aquino said.

The Philippines' Bureau of Internal Revenue on Thursday filed its first tax evasion complaint against a businessman who owns a chain of pawnshop in the country.

For the first five months alone, the country's budget shortfall has already reached 162.1 billion pesos (3.49 billion U.S. dollars) , exceeding the government's target.

It is looking at a full-year deficit of 325 billion pesos (7 billion U.S. dollars) or 3.9 percent of the Philippines' gross domestic product.

Source: Xinhua


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