Sunday 17 November
TIN issued to 10,000 foreign workers - DOF Nov 8, 2019 @ 16:11

DOF: Tax collections post best showing in 20 years


The government’s tax collection efforts are poised to hit the best in 20 years, according to the Department of Finance.

The 6.2% economic growth in the third quarter was aided by a record improvement in taxes collected by the government.

The DOF reported a tax effort of 15.7 percent as of the end of September, which is “already approaching” the best-ever rate of 15.8 percent logged in 1997.

Increased funding could only mean “high, sustainable, and inclusive growth”, the DOF said, as these would fund public projects.

Debt still accounted for 43.3 percent of the economy, but a bigger tax haul is always welcome.

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