Sec. Teves says new taxes unavoidable
Manila (19 February) -- Negating a presidential candidate's proposal to defray new taxes, Finance Secretary Margarito Teves said the new administration should implement new taxes because the country's fragile fiscal position would worsen without fresh revenues.
Teves, in reports asked how the next administration would handle the requirements with a very low revenue base.
He said the government has run out of assets to sell, and raise revenues is only possible is through additional taxes.
The government recorded a budget deficit of P298.5 billion for 2009, a 338.3 percent rise from the P68.1 billion deficit recorded for 2008. (PIA) [top]