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    CONCLUSION Tax

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    Wheng Flores
    The COVID-19 pandemic profoundly affected taxation in the Philippines and the government's tax collection efforts were crucial to funding assistance programs. Despite the challenges, the Bureau of Internal Revenue surpassed its 2020 collection goal, with revenues from the Philippine Offshore Gaming Organization contributing significantly. Taxes will shape the post-pandemic 'new normal' and provide stimulus to regain economic growth.

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    CONCLUSION Tax

    Uploaded by

    Wheng Flores
    20 views2 pages
    The COVID-19 pandemic profoundly affected taxation in the Philippines and the government's tax collection efforts were crucial to funding assistance programs. Despite the challenges, the Bureau of Internal Revenue surpassed its 2020 collection goal, with revenues from the Philippine Offshore Gaming Organization contributing significantly. Taxes will shape the post-pandemic 'new normal' and provide stimulus to regain economic growth.

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    CONCLUSION-tax

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    The COVID-19 pandemic profoundly affected taxation in the Philippines and the government's tax collection efforts were crucial to funding assistance programs. Despite the challenges, the Bureau of Internal Revenue surpassed its 2020 collection goal, with revenues from the Philippine Offshore Gaming Organization contributing significantly. Taxes will shape the post-pandemic 'new normal' and provide stimulus to regain economic growth.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    20 views2 pages

    CONCLUSION Tax

    Uploaded by

    Wheng Flores
    The COVID-19 pandemic profoundly affected taxation in the Philippines and the government's tax collection efforts were crucial to funding assistance programs. Despite the challenges, the Bureau of Internal Revenue surpassed its 2020 collection goal, with revenues from the Philippine Offshore Gaming Organization contributing significantly. Taxes will shape the post-pandemic 'new normal' and provide stimulus to regain economic growth.

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    TAX CONCLUSION

    The COVID-19 pandemic is having a tremendous effect on the world's economy. Several

    businesses are struggling to stay afloat even up to this very moment and doing whatever they can

    right now to justify costs and preserve any cash surpluses they have to bridge the future cash

    flow needs of their business. Across the globe, governments are stepping in to try and limit the

    impact of the pandemic by providing financial support in numerous ways from direct cash

    payments through to the deferral of tax payments. Taxation is profoundly affected by the

    pandemic. Covid-19 changed taxation as it plays a great role at this present pandemic stage in

    helping to sustain universal access to essential goods and services through any support measures

    the government provided. Philippine vulnerability to COVID-19 and its economic impact is very

    different across social groups.

    The Philippine government’s victory with tax collection means a secure commercial

    future for the country & a better economic outcome for the country. The whole nation relies on

    the BIR's bold commitment to provide the revenues needed to support our people and push our

    country forward towards a strong economic recovery. Tax collection in the Philippines was never

    been easy for the administration. But with the help of all the concerned sectors of the

    governments, government officials, and the business tycoons it is believed that everything will

    be set and issues can be resolved when working together as the BIR’s tagline for their tax

    campaign for 2021, Sama-Sama sa Hamon ng Panahon, Buwis ko, Para sa Pilipino”.

    Despite the global crisis faced, the Bureau of Internal Revenue (BIR) was able to surpass

    its collection goal in 2020 through the strict monitoring of tax compliance. With that being said,

    our government has been efficient and effective in implementing this program which merely

    focuses on tax collection. As a matter of fact, a big portion of these tax collected in 2020 was
    from the Philippine Offshore Gaming Organization (POGO) which is ₱7.18Billion in which all

    revenue was used to fund all the various types of assistance under BAYANIHAN ACT 2

    (Bayanihan to Recover as One Act).

    In addition, the COVID-19 pandemic made the business owners adapt and innovate based

    on their respective resources and according to regulatory guidelines that apply to all taxpayers

    most affected by COVID-19. Our government needs more funds to support all the needs of its

    countrymen. Hence, some high income-generating sectors like PAGCOR, Casinos, i.e., allowed

    to operate for they can generate quick funds and the government can collect them thru taxes. All

    the recommended safety health protocols and all other restrictions were followed to ensure the

    safety of the staff and the people and to prevent the spread of the virus as well. Pandemic put a

    stop to the year-on-year steady growth of the said gaming industries in the Philippines and it

    calls for a quick, effective, and brilliant measure in survival. Hence, it is a win-win scenario

    between the government and the stakeholders.

    Hence, taxes will play a role in shaping the “new normal” and taxation must play a role in

    future macroeconomic stimulus to regain growth. Along with affecting equality, fundamental

    shifts in social behaviors make the aftermath of the crisis a good moment to “green” our tax

    systems. COVID-19 actually opens opportunities for moving more conclusively towards

    sustainable and inclusive growth. Progress and prosperity open to all peoples and nations is an

    idea well worth pursuing. Knowing that this pandemic will sit still a little bit longer, we as

    responsible citizens have to give our share and helps promote the programs of the government.

    Tax avoidance, tax evasions and all other bad practices in taxation should not be done for these

    are unfair means and must be avoided. Let us all support and push for a clean, fair, and just tax

    system in the Philippines.

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