MANILA, Philippines (Tempo) – Banks and insurance companies are the most honest taxpayers while electric and local water cooperatives are the worst.
This was how the International Monetary Fund (IMF) analyzed and rated the said businesses based on the data furnished by the Bureau of Internal Revenue (BIR).
Thirteen major industries were rated by the IMF on their tax compliance performance. Revenue officials stressed, however, that the IMF analysis was just an initial observation that needs further verification. “The report was a wake-up call for us to conduct in-depth probe,” one revenue official said. (Jun Ramirez)