Tax won't help Philippines: experts

[dArKeR]

No matter what spin the Philippine government tries to put on it, the new value added tax (VAT) bill will do little to solve the country's chronic fiscal deficit and debt problems, analysts say.

They say the fact the government had to raise US$750 million on the international markets recently to help bridge this year's US$3.3 billion budget deficit shows there is no clear policy to bring down debt.

Instead of increasing the value-added tax (VAT) on goods and services to 12 percent from 10 percent as envisioned by the government to boost revenues, the country's lawmakers approved a bill that will keep VAT at 10 percent and increase corporate income tax from 32 percent to 35 percent.

http://www.taipeitimes.com/News/worldbiz/archives/2005/05/16/2003254925

As aWol said in Subic Bay, "The Philippines is the model for all the world's Democracies to follow." The PI has been under the USA wing, investment/politics, for 50 years. Compared to most all other other countries out there, the PI is the worst and most disgusting. I wonder if the FBI, CIA, NSA... does checks on a country before the Pres. visits them? How could a boy with top secrect equipment, a backpack and a hat, see/find child whore sex slaves one block from Arroyo's Palace but our trillion dollars agencies know nothing about this?

The Slave Factory where Ah-no get some of his cigars.