57% cut in budget deficit eyed in 2007THE government is not resting until it can hit an ambitious 57% target cut in the country’s budget deficit for next near, Finance Secretary Margarito Teves said during a press conference last week.
When it was miraculous enough to stave off a P256B in 2002 to P148B in four years, the country’s economic consultants now train their sights to cut the deficit down to P63B next year. How?
Not by levying more taxes, not on borrowing but relying more on our resources, he said.
By this, he means raising revenues by putting in 100% effort to religiously collect taxes and settle problems with tax evaders, Teves told reporters during the press conference.
And with every peso that the government collects in taxes, as much as P.40 centavos go back to the local government units so they can finance priority projects, he said while hinting that the LGUs tend to benefit more from a more efficient tax collection generation.
The P.40 centavos for every peso should also signal a transformation of the economic landscape in the barangays and open up even more chances for job generation. (rachiu/PIA)
Published on Oct 15, 2006 by The Bohol Standard Newspaper
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