Rp Moves To Boost Revenues Eyes More Sin Tax

[Mr Lee]

RP moves to boost revenues Eyes more sin taxReutersFirst Posted 17:26:00 01/16/2009Filed Under: State Budget & Taxes, Government Debt, Economic Indicators, Macro Economics, Economy and Business and FinanceMANILA, Philippines -- Finance secretary Margarito Teves unveiled a series of measures on Friday to shore up revenues this year, including a plan to impose higher taxes on tobacco and beer."This proposal is probably the most acceptable to the Filipino public of all the proposed revenue enhancement measures because we are increasing tax on vices," Teves told a gathering of Philippine businessmen.Teves said he wants Congress to approve the increases on "sin taxes" in the first quarter of the year, alongside proposals to rationalize fiscal incentives, simplify the income tax system, and remove the salary cap on tax and customs personnel.Teves said the increase in the tax on alcohol and tobacco products alone would generate as much as P30 billion ($635 million) in additional revenues in the first year of its implementation.Read the whole story, click the link belowhttp://business.inquirer.net/money/topstor...-boost-revenues

[Travis]

Oh NO, beer prices going up, that is not fair. Pretty soon everything that cost less in the Philippines will be the same as in the US. :th_interesting:

[Mik]

They could get a lot more money by reducing government corruption.

[johnrxx99]

Well, actually collecting some taxes may help.As we know, the oligarch families hold their wealth outside the country - they're not stupid. It is estimated the families have $100 Billion outside the RP. I wonder how much tax they pay?The bit that made me laugh was "and remove the salary cap on tax and customs personnel." Effectively saying, we know we pay you so little as we expect you to take the tax and customs duty for yourself but we'll pay you more if you give us some as well. Jesus.