Ph Budget

[Gary]

MANILA (AFP) – A high-profile name-and-shame campaign against tax cheats helped the country keep its 2010 budget deficit from spinning out of control, Finance Minister Cesar Purisima has said.The government said last year's funding gap was limited to 314.4 billion pesos ($7.25 billion), due to improved customs and income tax collection."Collections in both (customs and internal revenue) agencies have benefitted from the vigorous implementation of the Run After Tax Evaders and Run After The Smugglers programmes," Purisima said in a statement.The ministry has been aggressively filing tax suits every week against high-profile individuals and companies in its bid to improve the government's wafer-thin revenue base.The campaign is part of new President Benigno Aquino's reform agenda, which won him a landslide in last year's elections.The internal revenue bureau says just five million Filipinos pay their income taxes, compared with an estimated 20 million-plus evaders.The 2010 deficit figure was equivalent to 3.7 percent of gross domestic product (GDP), lower than the forecast 3.9 percent. In 2009 the deficit also reached 3.9 percent of GDP.Revenues rose 7.5 percent to 1.2 trillion pesos, while spending grew by a slower 7.1 percent to 1.5 trillion pesos, nearly 100 billion pesos less than programmed.The government hopes to trim the budget deficit further to 290 billion pesos, or 3.2 percent of GDP this year."We are confident that this year?s fiscal targets will be met," Purisima said, citing a raft of tax bills that Aquino had endorsed to parliament for approval, including removing redundant tax perks for businesses.This i copied from Yahoo/Asia news

[Jake]

MANILA (AFP) – A high-profile name-and-shame campaign against tax cheats helped the country keep its 2010 budget deficit from spinning out of control, Finance Minister Cesar Purisima has said.The government said last year's funding gap was limited to 314.4 billion pesos ($7.25 billion), due to improved customs and income tax collection."Collections in both (customs and internal revenue) agencies have benefitted from the vigorous implementation of the Run After Tax Evaders and Run After The Smugglers programmes," Purisima said in a statement.The ministry has been aggressively filing tax suits every week against high-profile individuals and companies in its bid to improve the government's wafer-thin revenue base.The campaign is part of new President Benigno Aquino's reform agenda, which won him a landslide in last year's elections.The internal revenue bureau says just five million Filipinos pay their income taxes, compared with an estimated 20 million-plus evaders.The 2010 deficit figure was equivalent to 3.7 percent of gross domestic product (GDP), lower than the forecast 3.9 percent. In 2009 the deficit also reached 3.9 percent of GDP.Revenues rose 7.5 percent to 1.2 trillion pesos, while spending grew by a slower 7.1 percent to 1.5 trillion pesos, nearly 100 billion pesos less than programmed.The government hopes to trim the budget deficit further to 290 billion pesos, or 3.2 percent of GDP this year."We are confident that this year?s fiscal targets will be met," Purisima said, citing a raft of tax bills that Aquino had endorsed to parliament for approval, including removing redundant tax perks for businesses.This i copied from Yahoo/Asia news

Well Gary, it's a start.......this new administration is trying to make a difference. Although I'm pessimistic in nature, I sincerely hope it makesa difference for the poor folks that really need it the most.Thank you for the glimmer of hope, respectfully -- Jake