By Katherine K. Chan, Reporter
THE National Government’s proposed tax reforms, if enacted, risk further delaying the country’s fiscal consolidation, especially given its widening budget deficit and record debt-to-gross domestic product (GDP) ratio, Moody’s Ratings said.
Moody’s Ratings Assistant Vice-President for Ratings Young Kim said that net gain from the measures under the Promoting Growth, Revenue, and Equity towards Socio-economic Sustainability (ProGRESS) bill will likely prove marginal.
“The government’s proposed ProGRESS package would raise the personal income tax exemption threshold and ease the burden on micro and small enterprises, offset by higher excises on sweetened beverages, tobacco and alcohol, a new plastics levy, and a 15% minimum tax on large multinationals,” Mr. Kim told BusinessWorld in an e-mailed response to questions.
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