Philippines’ Tax Effort increased in 2022

The Philippines’ tax effort expanded to 18.4% in 2022, according to the Revenue Statistics in Asia and the Pacific 2024 by the Organization for Economic Cooperation and Development (OECD). Tax effort refers to total tax revenue, including social security contributions, as a share of an economy’s gross domestic product (GDP). The country’s tax effort remained below the Asia and the Pacific average of 19.3%. The bulk of the Philippines’ tax revenue came from taxes on goods and services (43.8%), followed by taxes on income and profits at 33.3%.