TAX CUTS implemented this year could spur faster spending and increased savings by middle-class Filipino consumers, as well as lead to higher government revenues from indirect taxes, analysts said.
“I believe the new tax rates will help unleash the power of the middle class to drive the economy through consumption spending, savings, and investments. The spending power of a burgeoning middle class can create sizable output, income, and employment multiplier effects,” University of Asia and the Pacific Senior Economist Cid L. TerosaUnder the Tax Reform for Acceleration and Inclusion law, personal income tax cuts are being implemented starting Jan. 1.
“While direct tax revenues could be affected, indirect tax revenues levied on consumption spending could rise as middle-class households have more disposable income to spend,” Mr. Terosa said. The Bureau of Customs is targeting to raise P901.3 billion this year, of which P570.3 billion is expected to come from VAT on imports.
Household consumption rose 8% year on year, faster than 7.1% a year earlier. Quarter on quarter, householdMr. Terosa said taxpayers may also be able to pocket more savings.
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