Brexit & EconomyPoliticsPhilippines tax audits to intensify

Philippines tax audits to intensify

Tax audits only account for 2% of current tax collections

The government of the Philippines is to intensify its audits of big companies
in an effort to overcome collection shortfalls that have caused concern in its
attempts to balance the next Budget.

Finance secretary,
Margarito
Teves
, said he was developing a three-pronged strategy aimed at catching up
with revenue targets by year-end, the FT reported.

This would result in government strengthening tax audits, selling stakes in
large and profitable listed companies and trying to stop the loss of revenues
from generous fiscal incentives and lax tax treatment of self-employed
professionals.

Teves said he wanted tax audits to make up a tenth of tax collections,
compared with the current 2%.

Further reading:

Finance
asks Palace to probe tax returns

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