SUMMARY
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Dear Rappler reader,
Several economists had raised concerns over the declining revenue yield of proposed tax reform packages. The Senate ways and means committee’s initial version of the tax reform bill would only yield P59.9 billion in total incremental revenues. This is less than half of the P133.8 billion under the version approved by the House of Representatives last May.
But Budget Secretary Benjamin Diokno is not worried about the government’s capability to fund its over P8-trillion infrastructure program in the next 5 years.
On top of the expected revenue gain from the proposed comprehensive tax reform program, he proposes to increasing the deficit to gross domestic product (GDP) cap to finance the program. This strategy, he says, will result in an additional fiscal space of P500 billion.
What are your thoughts on this, dear reader? Do let us know.
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