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PH can improve tax collection with digitalization: Incoming Finance chief Diokno

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Bureau of Internal Revenue (BIR) employees assist taxpayers at a tax filing center at Fisher mall in Quezon City on April 15, 2021. Jonathan Cellona, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/06/06/20210415-bir-annual-income-tax-jc-15.jpg"/><figcaption>Bureau of Internal Revenue (BIR) employees assist taxpayers at a tax filing center at Fisher mall in Quezon City on April 15, 2021. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA - Incoming Finance Secretary Benjamin Diokno on Monday said digitalization can improve tax collections and generate more revenues.</p><p>Making tax payments user-friendly will help boost collections, Diokno told ANC.</p><p>&quot;We have room for better tax collection using technology. With digitalization, taxes are now being paid digitally rather than lining up at the BIR office which is cumbersome and it leads to corruption sometimes,&quot; Diokno said.</p><p>President Rodrigo Duterte&#x27;s administration will leave behind new tax reforms that could be enhanced in terms of implementation to could cover the revenue needs, he said.</p><p>Duterte&#x27;s Comprehensive Tax Reform Program (CTRP) includes reduction in personal income tax and corporate income tax while raising duties for tobacco, petroleum and sugary products, among others, Diokno said. </p><p>Outgoing Finance Secretary Carlos Dominguez III earlier introduced a new fiscal consolidation plan which involves the deferment of personal income tax reductions and wider tax and VAT to raise funds for debt payment.</p><p>But Diokno said other measures should be explored before studying new taxes.</p><p>&quot;It’s not perfect but it can be improved upon. To me the focus should really be: Let’s implement the new tax system and then find out if there’s a need for further reform,&quot; Diokno said. </p><p>President-elect Ferdinand Bongbong Marcos Jr earlier said imposing more taxes on Filipinos who are still suffering from the impact of the COVID-19 pandemic needs further study.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/25/22/dof-eyes-new-taxes-wider-vat-to-pay-rising-debt">DOF pushing new taxes, wider VAT, halt to income-tax deductions to pay high debt</a></li></ul><p>Diokno said the Marcos admin also aims to cut the deficit-to-GDP ratio to 7.6 percent in 2022, 6.1 percent in 2023, 5.1 percent in 2024 and 4.1 percent in 2025 before reaching 3 percent by the end of the term.</p><p>&quot;I’m very confident that with the new tax system because of the reforms done, we will be able to raise enough taxes to ensure that we meet our deficit target,&quot; he added.</p><p>The Philippines should also continue its Build, Build, Build program instead of cutting expenditures to boost growth as well as jobs, Diokno said. </p><p>The DOF also earlier said any budget cut would &quot;stifle economic growth.&quot;</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/25/22/dof-eyes-new-taxes-wider-vat-to-pay-rising-debt">DOF pushing new taxes, wider VAT, halt to income-tax deductions to pay high debt</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2065662" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div> </div>

Incoming Finance Secretary Benjamin Diokno on Monday said digitalization can improve tax collections and generate more revenues.