Tax Justice Network: Philippines’ annual tax losses hit 0.93% of GDP

The Philippines’ annual tax losses amounted to $3.22 billion, according to latest estimates by advocacy group Tax Justice Network released in the 2023 edition of the State of Tax Justice. This was equivalent to 0.93% of the country’s gross domestic product (GDP), the third-highest share in the region after Taiwan (1.52% of GDP) and Cambodia (1.05%). The report monitors the amount of money lost per country in tax to multinational corporations and wealthy individuals using tax havens to underpay tax.