Tuesday, March 11, 2008 Gov't will not reduce taxes, duties: DOF By Carlo P. Mallo
IT IS most unlikely that there will be reduction in taxes, tariffs, and other import duties even as the business sector clamors for it to buffer the external factors that affect the industry.
With continuing increases in the oil prices and economic slowdown in the US economy, the business sector is facing uncertain times and is hoping that government will give them some reprieve.
But in a press conference Monday at the Marco Polo Hotel, Secretary of Finance Margarito Teves said with the increasing demand for social services, it is unlikely that there will be such reduction because "there is an increase in demand for social services."
Teves, together with Department of Budget and Management (DBM) Secretary Rolando Andaya and other government officials, was in the Davao City Monday for the road show of the Philippine Economic Briefing at the Marco Polo Hotel.
Teves added that there is a need for him to further increase the revenues.
"But additional taxes would not be warmly accepted, so there is a need for me to look for other ways to increase the revenues," he added.
In his presentation during the Philippine Economic Briefing at the Marco Polo Hotel Monday, Teves pointed out a more efficient tax collection was necessary to satiate the budgetary requirements of the country.
Some of the strategies that Teves pointed out were the implementation of tax administration programs in a more effective manner; to pursue the prosecution of erring revenue officials, tax evaders, and smugglers; to work with Congress for the passage of legislative measures; and to instill greater transparency and accountability in the use of taxes.
