MANILA, Philippines — The Philippines has lost at least P161.5 billion in tax revenue from imports from the country’s big trading partners due to leakages in 2017, Senator Panfilo Lacson revealed Tuesday. Citing figures from World Bank’s World Integrated Trade Solution, Lacson said that the Philippines lost P10.7 billion in tax revenue from products imported by South Korea. “So meron kang difference or discrepancy na US$1.7 billion or P89 billion times 12 percent VAT (value added tax), nawalan na naman tayo ng 10.7 billion,” Lacson. Meanwhile, the Philippines lost P857 million pesos from the importation from the US, he said. The senator presented anew the amount of tax revenue the Philippines lost from the import of Chinese products which amounted to over P82 billion.

Source: Philippine Daily Inquirer November 12, 2019 04:11 UTC