PNoy: No new tax measures

President Benigno Aquino III has reiterated that his administration is not yet considering implementing new tax measures. “At this present time, none of my economic managers are indicating that there is such a need. Again, the priority is still improving the tax collection efficiency," the President told Palace reporters. Aquino said he will remain true to his promise to prioritize the improvement of tax collection over the imposition of new tax laws or regulations. Aquino explained that the government is not considering any new tax measures because the country's first-quarter deficit of P26.2 billion was significantly lower than the targeted P112 billion. "We are not considering... Not at this point. Look at the deficit picture — P112 [billion] for the first quarter. The actual figure was just [below] P27 billion. There is a big difference with our forecasted deficit. Where does the impetus to increase taxes come from?" he said. The President pointed out that there are ongoing discussions on the fiscal rationalization plan, as tax incentives being given out by the government are "at cross-purposes already." The rationalization of fiscal incentives is among the priority measures of the administration. — Jesse Edep/ELR/VS, GMA News