Dehniece Aleck V.

Mangawang
BS Accountancy

Why is there a need for taxation?

Taxes is an essential way for countries in raising the public revenues to the finance
investments where it can spend in goods and services where we can demand and benefit
from it in terms of human capital, infrastructure, and the provision of services for citizens
and businesses.
https://www.imf.org/external/pubs/ft/issues/issues27/
How do Philippine government may collect taxes efficiently?
Philippine government collect the taxes efficiently through the Bureau of Internal Revenue
(BIR). According to BIR, tax law in the Philippines covers national and local taxes. National
taxes were collected by the national government while local taxes were collected by the
local government.
https://www.bir.gov.ph/index.php/legal-matters/guide-to-philippines-tax-law-research.html
Do you think government still needs to borrow from foreign countries / foreign financial
institutions?
In my own opinion, I think that government still needs to borrow in other countries to give
the government more in flexibility to manage the finance in the country. Borrowing can help
to facilitate the investment and for economic development. It can encourage expansion and
aid an economy in adjusting to both internal and external shocks.
http://www.pse-journal.hr/en/archive/costs-and-benefits-of-government-borrowing-in-
foreign-currency-is-it-a-major-source-of-risk-for-eu-member-states-outside-the-euro_6632/
How can you support the government as an ordinary citizen?
As an ordinary citizen, I will support the government through paying the taxes efficiently.
Also, in voting the leaders that has an ability to lead the country well.
Are in you favor of increasing the existing rates?
If the country is experiencing that the prices are rising too fast, inflation would likely to rise
too. In increasing the existing rates will help the inflation go back down to a normal term,
again. However, it can slow down our economy which can affect our daily living. The
disadvantage of rising interest rates is the potential for a recession. So for me, I am in fifty-
fifty because we are talking about our economy.