To tax or not to tax EDITORIAL 04/29/2011

To tax or not to tax

EDITORIAL

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04/29/2011
Noynoy is in a quandary. The budget would be in a perpetually huge deficit if his administration does not take action in matching government expenditures with what is being earned through primarily taxes.

The other side of the equation is that the government needs to spend more as the nation’s need for basic services grows and along with it, higher allocations for the payments of interests and principals on debts when the shortfall in the budget hit record levels since the administration of former President Gloria Arroyo.

Revenues of the Bureau of Internal Revenue and the Bureau of Customs are making modest gains in meeting targets but the efforts will not likely be enough if the deficit in the budget would be drastically reduced from its current astronomical levels of above P300 billion every year which is equated with more borrowings by the government..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/commentary/20110429com1.html