Debate over tax reform in the Philippines pits finance officials against tobacco, beer mogul
Article Abstract:
Philippine finance officials are warning that the country's much-vaunted tax reform program is in danger of collapse. The biggest threat to tax reform is Filipino business mogul Lucio Tan, whose beer and cigarette companies stand to lose a substantial amount of money when loopholes in the current tax system are eliminated. The publicity-shy Tan has been known to quietly use his immense influence and substantial resources to further his business interests.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1996
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VAT exemptions undercut Manila's revenue plan
Article Abstract:
Legislation calling for new exemptions to the Philippines' expanded value-added tax (VAT) could undermine the government's efforts to increase revenue. Philippine finance officials state that the additional VAT exemptions passed by the country's lawmakers would result in an annual revenue loss of some 22.61 billion pesos. Experts warn that this move could result in grave consequences to the country's long-term economic health.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1996
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Controversy over E-VAT may jeopardize plan by Ramos to overhaul Philippine tax system
Article Abstract:
Philippine Press. Fidel Ramos is coming under increasing pressure to suspend the country's new expanded 10% value-added tax (E-VAT) amid. The new tax, which took effect at the start of 1996, has been loudly condemned by Filipinos because of its inflationary effects. Some observers believe that the E-VAT issue could have an adverse impact on the Ramos administration's tax reform plans.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1996
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