Wider Budget Deficit if First Tax Reform Bill Passes Less Revenue-Generating Moves

The government may face a wider budget deficit if Congress approves its substitute tax reform bill without incorporating other revenue-generating measures. Estimates of the finance department show that the first package of the tax reform bill approved in first reading may widen the budget deficit to 3.7 percent of the GDP in the first year of implementation. This is bigger than the three percent deficit cap being targeted by the…

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