Philippine BIR to raise tax effort ratio to 15% by 2012

14:50, August 02, 2010      

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The Philippine Bureau of Internal Revenue (BIR) is eyeing to raise its tax effort ratio to the country's gross domestic product by 15 percent by 2012, a senior government official said Monday.

BIR Commissioner Kim Henares said in an interview that the two- year time frame is internal to the agency since President Benigno Aquino III's instruction is to reach such tax effort under his six- year term.

"Our target is in two years time, externally it's 2016," she said.

Aquino, in a speech at the 106th anniversary of the BIR, asked the BIR employees to help the government in raising the current 13 percent tax effort to 15 percent.

"During the time of former President Fidel V. Ramos, we have reached the tax effort ratio of 17 percent. Let us help each other to increase the current 13 percent to 15 percent before my term ends," he said.

He expressed hope that the BIR could achieve its 860 billion pesos (18.9 billion U.S. dollars) revenue collection goal for this year as the administration is targeting a budget deficit of 325 billion pesos (7.1 billion U.S. dollars), equivalent to 3.9 percent of this year's GDP.

Source: Xinhua


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