By CHINO S. LEYCO
April 25, 2012, 6:25pmThe Aquino administration expects a much lower budget deficit next year on the back of higher revenue collections of the government’s two main tax agencies, data from the Department of Finance (DoF) showed yesterday.
The finance department expects the government’s nominal budget deficit to reach P241 billion next year, lower by 13.6 percent compared with the P276.1 billion ceiling set the by the government’s economic managers for 2012.
The government’s fiscal gap assumption for next year is equivalent to 2 percent of the country’s economy as measured by its gross domestic product (GDP).
Premised on a more positive economic outlook for next year, the finance department expects that the government would generate P1.78 trillion in revenues, higher by 14 percent compared with P1.56 trillion target for this year.
The finance department said the Bureau of Internal Revenue and the Bureau of Customs’ tax efforts are expected to increase by 0.5 and 0.1 percentage points, respectively next year.
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