PHILIPPINES: A 9% tax on all imports...
From Times Staff and Wire Reports
PHILIPPINES: A 9% tax on all imports imposed in January has begun to stunt economic growth and expansion of local industries, an official said. The tax, aimed at closing the budget deficit, may also discourage foreign investment in the cash-poor nation, said Department of Trade and Industry Undersecretary Romas Alcantara. He proposed instead that taxes be increased on luxury items and reduced for raw materials and capital equipment. He also called for deferring proposed tariff reductions.
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