- The IMF urged the Philippine government to increase tax collections and reduce debt to support economic growth and fiscal sustainability.
- Strengthening tax mobilization and administration, especially through compliance risk management and data analytics, is recommended.
- The IMF suggests tax reforms such as improving VAT efficiency, raising excise taxes on sugary drinks, and reducing VAT exemptions on residential property.
- The IMF cautions against broad tax amnesty programs without proper safeguards.
- Additional recommendations include strengthening local government spending capacity and reforming military and uniformed personnel pensions.
Source: business.inquirer.net
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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