Government to Push for Less Stringent Bank Secrecy Law as Part of Tax Administration Measures

Tax administration measures left by the previous administration will be pushed by the Duterte administration to offset its planned higher spending with more revenues. Faster spending, particularly infrastructure, is targeted to widen the budget deficit to three percent of gross domestic product from just 0.9 percent last year. To support this, laws to relax bank secrecy and make tax evasion a predicate crime to money laundering would be…

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