Monday 20 May
May 15, 2019 @ 16:15

Tax effort picks up, Q1 spending effort down

 

The budget deficit got bigger with the government’s lackluster spending performance.

The Department of Finance celebrated the local economy’s strong first quarter performance, thanks to additional taxes from the Tax Reform for Acceleration and Inclusion law.

The country’s tax effort rose to 14.6 percent as against 14.3 percent the previous year.

Now comes the sad part: expenditure effort fell to 18.5 percent from 19.7 percent of GDP owing to the delayed passage of the 2019 budget.

The government was unable to spend P69.5 billion, which led to a fiscal deficit of 2.1 percent of GDP, versus the 3.1 percent target.

Will they make a strong comeback this quarter?

Please follow and like us:
error

Tags: , , , , , ,

Related Stories
Stars have aligned for taxes this year.
Additional taxes did not push the Philippines higher on the list.
These numbers support their claim that tax reform isn't the culprit.
The tax reform program is ready to work its magic.


 

Trending News

Copyright © 2019 Bilyonaryo - Latest news on the richest Filipinos and Family Business.