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MANILA - The Department of Finance (DOF) is reviewing the viability of pursuing a fiscal consolidation plan that will minimize whatever long-term economic scarring may occur as a result of the coronavirus-induced crisis and the budgetary implication of the Supreme Court's (SC) 2018 ruling that expands the share of local government units (LGUs) on national government taxes, Finance Secretary Carlos Dominguez III said. This SC ruling, which refers to the expanded National Tax Allotment (NTA), formerly known as the Internal Revenue Allotment (IRA) for LGUs, will take effect next year. "Tax revenue losses from the pandemic-induced economic slump, the rise in debt to fund our Covid-19 (coronavirus disease 2019) response, the looming revenue impact of our economic recovery measures, and lower spending efficiency as a result of the Supreme Court decision to expand the share of LGUs from the NTA must be adequately addressed by the next administration's economic team," Domingu

Batangas cityEnrique garciaHermilando mandanasSupreme courtBureau of internal revenueDepartment of financeTax incentives for enterprisesNational tax allotmentFinance secretary carlos dominguezInternal revenue allotmentCorporate recoveryTax incentivesFinancial institutions strategic transferHigh tribunalInternal revenueGovernors hermilando mandanas