Wednesday, 4 July 2007

Government to miss revenue target

By Des Ferriols
Full report at the Philippine Star

Tax revenues are projected to fall P25-billion short of the P1.003-trillion target for the whole year, causing total revenues to reach only P1.094 trillion against the full-year target of P1.119 trillion.

The emerging numbers are scheduled to be presented before President Arroyo in Malacañang today in what economic officials described as a watershed meeting that would determine the fiscal strategy for the remainder of her administration.

The dismal revenue outlook for the rest of the year would make privatization even more critical to meeting the Arroyo administration’s full-year budget deficit target of P63 billion, especially since the President has committed not to introduce new taxes.

The emerging estimates are based on what officials called the best-case scenario where some recovery was expected from the shortfalls of the Bureau of Internal Revenue (BIR) and to a lesser extent, the Bureau of Customs.

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