MANILA: World Bank has suggested that Philippines should lower the top marginal income tax rate to 25 percent that simplify the tax system for micro and small enterprises.
The World Bank has said that tackling poverty in the Philippines will require revenue-raising tax reforms to fund infrastructure, health, and education investment.
A new report from the World Bank recommends that the nation review the tax incentives it offers to make sure they are well targeted and efficient. It also recommended a review of property valuations to ensure that tax collections keep pace with inflation and to ensure equitable taxation.
