A group of economists in the Philippines is urging the government to consider raising the country's Value Added Tax (VAT) rate by 3%.
The group - who are all ex-Cabinet members - has advised the government that VAT should be upped from its current rate of 12% to 15% and a nationwide minimum property tax should be implemented if the Philippines is to stand the best chance of weathering the financial crisis.
According to the trio of experts, the fiscal surplus caused by a rise in VAT could easily be offset by the introduction of a 3% tax credit for individuals with fixed-rate incomes and a 5% reduction in the corporate income tax rate.
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