2 weeks As recession stings, new tax measures fail to prop up PH coffers Inquirer
The recent tax measures introduced to shore up government revenues took a hit from the pandemic-induced recession, resulting in a lower take thus far, the Development Budget Coordination Committee (DBCC) said. In an Oct. 15 report, the DBCC said the "prolonged lockdown has led to distortions in the market as economic activity from the businesses and services sectors has been abruptly curtailed, including a liquor ban and restrictions on the movement of goods, among others." It said these factors dampened both consumer demand and the overall economic atmosphere and should "translate into a reduced revenue base for the remaining months ... more