Gov't on track to hitting revenue, tax efforts – Finance Chief

The government remains on track to meet revenue and tax goals for the year, following the country's strong economic growth in the first quarter, the head of the Department of Finance said Wednesday.

“We are still on track to meet our goals for the tax effort and revenue effort, especially given our high first-quarter growth,” said Secretary Cesar Purisima.

For the first quarter of 2013, the Philippines recorded a revenue effort of 13.7 percent of gross domestic product (GDP) and a tax effort of 11.9 percent of GDP, latest data show.



“We note that in the past, tax effort has gotten a significant boost from the first quarter of the year to the second, and we anticipate the same given our very successful tax collections in April this year,” Purisma said.

The government wants revenue and tax effort this year to settle at 14.7 percent and 13.5 percent, respectively.

It aims to increase the country’s tax effort to 16 percent by the end of President Benigno S. Aquino III’s term in 2016 and 18 percent on revenue-wide basis.

Revenue effort is calculated as total national government revenues as a percentage of GDP, while tax effort reflects total national government tax revenues as a percentage of GDP.

These are measures of how well a country is doing in terms of revenue and tax collection relative to what could be reasonably expected given its economic potential.

Bucking a worldwide economic slowdown, the country's GDP in the first quarter grew by 7.8 percent, the fastest in Asia. — SOA/BM, GMA News

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Catholics organize to promote pope's climate change message

    NEW YORK (AP) — There will be prayer vigils and pilgrimages, policy briefings and seminars, and sermons in parishes from the U.S. to the Philippines. …

  • Forgotten for decades, fallen NY soldier finally honored
    Forgotten for decades, fallen NY soldier finally honored

    ALBANY, N.Y. (AP) — Carroll Heath didn't have it easy growing up in the Great Depression. His father wasn't around, his mother was a patient in a mental hospital and he kept largely to himself. Soon after graduating high school, he enlisted in the Army and wound up in the Philippines, where he's believed to have died sometime in 1942. …

  • APEC ministers to endorse Boracay Action Agenda
    APEC ministers to endorse Boracay Action Agenda

    Trade ministers at the Asia-Pacific Economic Cooperation (APEC) meeting in Boracay, Aklan agreed yesterday to endorse the proposed Boracay Action Agenda to the member countries’ leaders, presenting opportunities for global trade for micro, small and medium enterprises (MSMEs). In a press conference following the conclusion of the APEC Ministers Responsible for Trade Meeting, Trade Secretary Gregory Domingo, who also served as chairman, said ministers agreed to recommend the adoption of the …

  • Talks with China over sea row urged
    Talks with China over sea row urged

    The Philippines should engage China in bilateral talks in its efforts to maintain peace and order at the disputed West Philippine Sea, Sen. Francis Escudero said yesterday. Escudero supports the government’s move to bring the issue before international arbitration but also stressed the need for the Philippines to pursue talks with China. Escudero made the statement after UN Secretary General Ban Ki-moon on Friday called for a peaceful solution to territorial disputes in the South China Sea. …

  • House panel tackles bill on regular disaster drills
    House panel tackles bill on regular disaster drills

    The House committee on national defense is deliberating on a measure mandating the regular conduct of disaster risk reduction drills in educational institutions nationwide. Authored by Camarines Sur Rep. Rolando Andaya Jr., the bill mandates that risk reduction drills be held annually in all educational institutions throughout the country in coordination with the schools’ respective local government units. “The Philippines’ location along the Pacific Ring of Fire and close to the equator …

  • PCSO running out of funds
    PCSO running out of funds

    Philippine Charity Sweepstakes Office (PCSO) chairman Ireneo Maliksi has admitted that the revenue-generating agency is running out of funds as it continues with its mandate to provide financial assistance to indigent Filipinos. Aside from providing financial help to individual recipients, Maliksi cited at least 13 laws that mandates the PCSO to provide mandatory contribution to different government agencies. Just last week, PCSO released P100 million to the Commission on Higher Education as …

  • Cops receive mid-year bonus
    Cops receive mid-year bonus

    Active duty uniformed and non-uniformed personnel of the Philippine National Police (PNP)have received their mid-year bonuses. The PNP has released P1.9 billion for the mid-year bonus of the 155,000 active duty uniformed and non-uniformed personnel. The Directorate for Comptrollership released P1,933,664,893.50 through the Finance Service and subsequently credited to the individual ATM payroll accounts of active duty uniformed and non-uniformed personnel. …

  • APEC trade chiefs vow to speed up work in WTO

    MANILA, Philippines (AP) — Trade ministers from 21 Asia-Pacific countries on Sunday issued strong support to the World Trade Organization's efforts to boost global trade amid a flurry of regional free trade agreements. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options