By Abigail L. Ho (Philippine Daily Inquirer)
http://newsinfo.inquirer.net/breakingnews/nation/view/20100320-259866/Teodoro-pushes-new-consumption-taxes
MANILA, Philippines—To curb the country's burgeoning budget deficit, Lakas-Kampi-CMD standard-bearer Gilbert Teodoro says there is a need to rethink the existing tax structure and tax administration efforts.
“For the fiscal situation, we need to rethink tax administration and efficiency. Past efforts have been unsustainable. Through tax administration reforms, I think these problems can be addressed,'' he said.
He said new consumption taxes should be introduced and sin taxes increased. Personal and corporate income taxes, however, should no longer be hiked as these were already “competitive.''
In an earlier speech before members of the Makati Business Club, he noted that he “agreed in principle'' with the need to hike consumption taxes. Whatever new taxes would be slapped, however, would depend on the effects of the El Niño phenomenon and the upcoming elections on the country's economy.
Other presidential aspirants had different strategies to address the fiscal deficit.
Liberal Party presidential candidate Benigno “Noynoy'' Aquino III said he would not impose any new taxes, while Nacionalista Party standard-bearer Manuel Villar said it would be “irresponsible of me'' not to introduce new taxes.
“We should increase revenues and spend wisely,'' Villar said.
Aquino seemed to have softened his stance on the matter, however.
His official blog quoted him as saying that “new taxes will be contemplated only after all efforts to collect taxes that are already due.''
MANILA, Philippines—To curb the country's burgeoning budget deficit, Lakas-Kampi-CMD standard-bearer Gilbert Teodoro says there is a need to rethink the existing tax structure and tax administration efforts.
“For the fiscal situation, we need to rethink tax administration and efficiency. Past efforts have been unsustainable. Through tax administration reforms, I think these problems can be addressed,'' he said.
He said new consumption taxes should be introduced and sin taxes increased. Personal and corporate income taxes, however, should no longer be hiked as these were already “competitive.''
In an earlier speech before members of the Makati Business Club, he noted that he “agreed in principle'' with the need to hike consumption taxes. Whatever new taxes would be slapped, however, would depend on the effects of the El Niño phenomenon and the upcoming elections on the country's economy.
Other presidential aspirants had different strategies to address the fiscal deficit.
Liberal Party presidential candidate Benigno “Noynoy'' Aquino III said he would not impose any new taxes, while Nacionalista Party standard-bearer Manuel Villar said it would be “irresponsible of me'' not to introduce new taxes.
“We should increase revenues and spend wisely,'' Villar said.
Aquino seemed to have softened his stance on the matter, however.
His official blog quoted him as saying that “new taxes will be contemplated only after all efforts to collect taxes that are already due.''
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