4 months Taxing firms based on gross profit could boost govt revenues – analysts Manilatimes |Biz
PRESIDENT RodrigoPRESIDENT Rodrigo ’s pronouncement of taxing corporates based on their gross income has its pros and cons, but what is important is how this would be done, analysts told The Manila Times on Friday. According to Rizal Commercial Banking Corp. (RCBC) economist Michael Ricafort, income taxes computed against firms’ gross profit could likely boost the government’s tax revenue, as it improves tax collections and plug leakages. “Computing corporate taxes to be paid using [the] gross income as base is less prone to tax management/allowable deductions/any other possible revenue leakages [from the point of view of the government]….” Ricaford ... more