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IMF Recommends Revenue Enhancing Reforms For Philippines

by Mary Swire, Tax-News.com, Hong Kong

27 May 2015


The International Monetary Fund (IMF) has said that the Philippines needs to raise additional fiscal revenue to support a higher level of budgetary spending on infrastructure and social needs over the medium term.

The Fund said in a statement following its 2015 Article IV Consultation mission to the Philippines that the country should implement a comprehensive tax reform package that would boost tax revenues. It said authorities should ensure that any personal income tax cuts should be more than counterbalanced by tax hikes or through reductions in exemptions or incentives.

The IMF also supported the Department of Finance's efforts to allow the tax authorities' access to bank deposit information and make tax evasion a predicate crime to improve the efficiency and equity of revenue collection.

The 2015 Budget envisages returning to the Government's medium-term deficit target of two percent of gross domestic product (GDP) by increasing public infrastructure spending and implementing much-needed typhoon Yolanda reconstruction and social spending, the IMF said.

TAGS: Finance | tax | economics | fiscal policy | revenue guidance | gross domestic product (GDP) | budget | International Monetary Fund (IMF) | Philippines | tax rates | tax reform | construction

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