- The IMF projects the Philippines’ debt-to-GDP ratio will decline to about 60% by 2030, later than the government’s target.
- The IMF considers the proposed general tax amnesty (GTA) to offer limited help and warns it could harm overall tax compliance.
- The IMF recommends voluntary disclosure programs instead of tax amnesties to improve long-term tax compliance and revenue.
- The IMF suggests other tax policy options, such as improving VAT collection, raising excise taxes on unhealthy products, and adjusting VAT exemptions.
- The Philippines’ debt position is considered stable, with low risk of repayment problems, but concrete tax and spending measures are needed for fiscal transparency and confidence.
Source: mb.com.ph
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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