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Taxing times

Taxing times
TAX DEBTS TO ESCALATE: Record breaking debt is anticipated

Tax debts anticipated to reach a record P5.4 billion

Due to the financial impacts of Covid-19, tax debts are expected to balloon to P5.4 billion by the end of the current financial year.

In its analysis of the pandemic’s probable effects on tax revenue, the tax specialist's Aupracon noted that businesses’ cash flows will be negatively impacted. In turn, this will see their ability to pay creditors, including tax authorities, dwindle.

The report, prepared by Jonathan Hore, Tshiamo Badisang and Letlhogonolo Lebotse, warns that due to the economic drought created by the pandemic, the ec...

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