Government to Borrow P30 Billion if Tax Reform Proposal is Watered Down

Finance officials warn of dire consequences if Congress does not approve the full tax reform package proposed by the government. Congress is said to be inclined to approve a reduction in income tax rates to go alongside a decrease in estate and donor’s tax, but has been wary of offsetting measures such as an increase in fuel excise tax and reduction of VAT exemptions. Up to P30 billion will have to be borrowed if these measures are not…

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