Government loses P125 billion in potential tax revenues in January-July
The government lost P125 billion in potential tax revenues from January to July this year as a result of an economic slowdown and the implementation of several tax relief measures, a ranking finance official said.
Between January and November, the shortfall between recurrent revenue and total expenditure of Central Government narrowed by €29.6 million to €278.2 million, when compared to the corresponding period in 2010.