Economists push for tax system revamp to boost gov’t revenues

Economists have proposed reforms in the country’s tax system, mainly the increase in the value-added tax rate from 12 to 15 percent, to allow the next government to continue with an ambitious spending program without the budget deficit rising beyond comfortable levels.

Dante Canlas, Benjamin Diokno and Felipe Medalla, economic professors at the University of the Philippines, told a group of businessmen on Wednesday that any stimulus spending next year would be hard to justify with the country’s weakening finances due to the slowing economy.

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