Philippines offers bounty to nail tax cheats

Dax

03-30-2005, 12:44 PM

PRESIDENT Gloria Macapagal-Arroyo’s government on Wednesday offered up to a million pesos (18,382 dollars) for information leading to the arrest of the Philippines’ biggest tax cheats.

Informants would receive the million-peso reward, or 10 percent of the revenues, surcharges, fees or fines recovered, whichever is lower, according to implementing guidelines issued by the finance department.

The reward applies once tax arrears or fines are collected and after a court convicts the suspect. Informants are guaranteed anonymity.

At 14.1 percent, the Philippines has the lowest tax-to-gross domestic product ratio in Asia. Arroyo has warned of a fiscal crisis unless the government passes a set of new tax laws aimed at raising annual revenues by 80 billion pesos.

Tax experts say tens of thousands of the Philippines’ richest citizens are paying little or no income tax due to legal loopholes exploited by those who earn money through businesses or are self-employed.

“We hope that with the guidelines we are releasing, more citizens will come forward to help us recover unpaid taxes,” Finance Secretary Cesar Purisima said in a statement.

“We need concerned citizens to help us stop tax evasion – a crime that bleeds our national coffers dry,” said Purisima.

The department said it set up two hotlines at the Bureau of Internal Revenue and the finance department’s investigation division. http://news.inq7.net/breaking/index.php?index=1&story_id=31991

me thinks this is a good “remedy” to the tax evasion problem. however, according to the above:
Tax experts say tens of thousands of the Philippines’ richest citizens are paying little or no income tax due to legal loopholes exploited by those who earn money through businesses or are self-employed.so is the government patching up these loopholes? i don’t know what they are, but if these are the roots of the problem (as implied above), then should they not be the ones to be addressed first? :confused: :confused: :confused:

it’s like dewatering a sinking boat, and not sealing the hole.

what say you peeps?

reon

04-04-2005, 08:49 PM

me thinks this is a good “remedy” to the tax evasion problem.i’m not sure about that. but it’s probably as good as anything else they can think of.

so is the government patching up these loopholes? i don’t know what they are, but if these are the roots of the problem (as implied above), then should they not be the ones to be addressed first? it’s like dewatering a sinking boat, and not sealing the hole. what say you peeps?i agree. the fact that we both agree will probably not make a difference though. :smiley:

tenkei88

07-09-2005, 09:35 AM

ON that line of thought…

Is gloria ang her men TAXING PIDAL AND HIS MILLIONS?:confused:

No tax declaration was submitted with regards to his millions,
IF, INDEED, ignacio is pidal and vice-versa…:rolleyes:

Hmmmm…I wonder…:confused:

This is an archived page from the former Timog Forum website.