Philippines targets increasing State revenue by 2020
The Filipino government is eyeing to increase its revenue to 4.68 trillion PHP (97 billion USD), or 18.1 percent of the country's gross domestic product by 2022.
Budget Secretary Benjamin Diokno (Photo: The Wall Street Journal)
Hanoi (VNA) - The Filipino government is eyeing to increase its revenue to 4.68 trillion PHP (97 billion USD), or 18.1 percent of the country's gross domestic product by 2022, the end of the six-year term of President Rodrigo Duterte.
Speaking at a business forum, Budget Secretary Benjamin Diokno said the targeted higher revenues could be achieved through more efficient tax administration and the passage of new measures proposed by the Department of Finance.
According to him, the government will reform the tax system to make it more equitable, efficient and competitive in the region. A number of reforms will be pursued, primarily the lowering of personal and corporate income tax rates from 32 percent and 30 percent, respectively, to 25 percent.
The loss in revenues due to income tax cuts will be offset by expanding the value-added tax, he said, adding that incentives unrelated to agriculture, health care, banking, education and finance will be removed, which is expected to result in additional revenues amounting to 68.6 billion PHP in the first year of implementation.
The government has also proposed to ෴the Congress new excise taxes on oil which will r♈each 130.6 billion PHP in revenues in its first year of implementation.-VNA
Newly-elected Prime Minister Nguyen Xuan Phuc had a working session with the Ministry of Finance (MoF) on April 21, focusing on measures to tackle state revenue loss and state budget woes.
As of May, the Government's revenue from dividends remained low at only 13.5 trillion VND (602 million USD), equal to only 25 percent of the estimates for the year.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Budget Secretary Benjamin Diokno (Photo: The Wall Street Journal)
