Categorie: Currencies
Submitted 6 months ago by
Lovephileo
, WEB CONSULTANT / PASTOR
at LIGHT OF THE WORLD CHRISTIAN CENTER
Poor tax-income ratio. That's how the Bureau of International Revenue (BIR) shows the writing on the wall. And why is that RP has poor tax collection?Based on the 2003 Family Income & Expenditures Survey (FIES), no group of workers paid more than 5% of their income in taxes, with the tax-income ratio ranging from 0.7% among farmers, forestry workers and fisherman to 4.3% among professionals. And officials of government and special-interest organizations, corporate executives, etc. pay equivalent to 2.5% of their total income.Currently, it shows that the tax effort-ratio or the tax percentage in GDP is 14.3%, very low compared to other countries in SE Asia and that the government accumulated a P9.4 billion difficit.Corporate income tax evasion has been estimated at 38% or P54.1 billion annually, and those by professional and businessman at 69% or P26.7 billion annually.The writing on the wall is plain to see, with the rice-price crisis and the unrelenting surge in oil prices pose big threats to the government's drive toward efficient tax collection.Obviously, many Filipinos are not paying enough taxes. Gone are the days when a Filipino pays honestly and with sense of responsibility to pay taxes at the proper time and with correct amount.But why is such a poor revenue collections? Why this so-called religious country in the world is not religiously paying taxes?Let m...
More...
Submitted 6 months ago by
Lovephileo
, WEB CONSULTANT / PASTOR
at LIGHT OF THE WORLD CHRISTIAN CENTER
2 comments ↓
Transcript Editor, Marketing Officer-podwriter transcriptions, Event organizer, Entrepreneur, owner of memokitchen.com site at memokitchen.com