Teves: Hike VAT to 15%; Cut Corporate, Income Tax Rates

Manila Bulletin, April 17, 2010 | Go to article overview

Teves: Hike VAT to 15%; Cut Corporate, Income Tax Rates


The next Philippine government could raise the value-added tax rate, cut other taxes and approve pending reforms to strengthen revenue collection and the budget position, Finance Secretary Margarito Teves said.Teves, whose term finishes on June 30, said he recommended the next government could take measures including increasing the value-added tax rate to 15 percent from 12 percent and reducing corporate and income tax rates to ensure fiscal sustainability.''Based on the discussions we had with the business community and foreign chambers, the following proposals will also be helpful in ensuring fiscal sustainability – increase in the VAT rate from 12 to 15 percent with a corresponding reduction in corporate and personal income tax,'' he told a business forum.Teves also recommended the next Congress approve bills to rationalize fiscal incentives, restructure excise taxes on tobacco and alcohol products and simplify net income taxation.These three reforms would generate P33 billion in the first year of implementation, he said, adding increasing the VAT rate and reducing corporate and personal income tax could initially be revenue neutral.''Depending on the formula, you can have a neutral impact in the beginning. But with a more efficient way of handling it, you can have a positive effect in the end or as we go along,'' Teves told reporters on the impact of a VAT increase on revenue.The main tax agency said on Wednesday it beat its first-quarter target by more than 9 percent, raising optimism the government could post a smaller-than-forecast deficit for the period.But sustaining revenue collection improvement remains a tall task as April collections, normally the biggest revenue month as annual taxes are due, are likely to be lower than target due to the impact of last year's typhoons. …

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