The Philippines’ tax-to-gross domestic product (GDP) ratio stood at 17.8% in 2020, slightly lower than the 18.1% recorded in 2019, according to the Organisation for Economic Co-operation and Development (OECD) in a report released on Monday. READ:
People line up to file their income tax returns at the Bureau of Internal Revenue office in Intramuros, Manila, April 18. — PHILIPPINE STAR/ RUSSELL A. PALMAlockdowns, falling below the Asia-The Philippines’ tax-to-gross domestic product ratio stood at 17.8% in 2020, slightly lower than the 18.1% recorded in 2019, according to the Organisation for Economic Co-operation and Development in a report released on Monday.However, it was below the Asia-Pacific regional average of 19.
The Philippines’ lower tax-to-GDP ratio can be attributed to the slowdown in economic activity as the government imposed among the longest and strictest lockdowns in the world to curb COVID-19 infections in 2020.In the Asia-Pacific region, revenues from taxes on goods and services also decreased in 20 other economies, but were still the top source of tax revenues in 2020, amounting to 50.6% of the total. The share of VAT was at 23.1%.
The decline in corporate income tax collection was partly due to the approval of the Corporate Recovery and Tax Incentives for Enterprises Act, which lowered the corporate income tax rate from 30% to 25%In the Asia-Pacific region, corporate income tax accounted for 18.8% and personal income tax for 16% in 2020.
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