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Moody's cites risk of lower revenue from tax measure


BusinessWorld
February 19, 2021 | 12:32 am
A MEASURE that seeks to lower corporate income taxes could buoy Philippine economic recovery through investment flows, but could lower revenue collections in the coming months, according to Moody’s Investors Service.
The global debt watcher said the proposed Corporate Recovery and Tax Incentives for Enterprises Act might worsen already weak state revenue, though tax incentive limits that used to be given in perpetuity would expand the tax base in the long run.
“The passage of the bill will facilitate both domestic and foreign investment, which helps to revive economic growth,” Moody’s said in an e-mailed report. “Uncertainty regarding tax incentives has been cited as a key constraint to higher foreign direct investment inflows in recent years.” ....

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Property valuation reform pushed | BusinessWorld


Reporter
THE DEPARTMENT of Finance (DoF) is pressing Congress to pass the remaining two packages under its comprehensive tax reform program (CTRP), including improving real property valuation and assessment in the country, before President Rodrigo R. Duterte’s term ends.
In a statement, the DoF said it would push the passage of the remaining priority tax bills such as the proposed Real Property Valuation and Assessment Reform Act and Passive Income and Financial Intermediary Taxation Act.
If passed, the first measure will establish a “single valuation base for taxation through the adoption of the schedule of market values of LGUs, and use the updated values as benchmark for other purposes, such as right-of-way acquisition, lease, rental, etc.” ....

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