Metro Manila (CNN Philippines, August 10) — The Department of Finance (DOF) said Thursday it is hoping Congress would enact seven key tax measures, which are part of its legislative priorities for economic development.
These measures include the following:
– Passive Income and Financial Intermediary Taxation
– VAT on digital service providers
– Excise tax on single-use plastics
– Excise tax on pre-mixed alcohol
– Excise tax on sweetened beverage and junk food
– Mining fiscal regime
– Motor vehicle road users tax
\”These tax revenue measures will enable us to raise revenues totaling ₱120.5 billion or 0.5% in 2024, and ₱183.2 billion or 0.6% of GDP in 2026,\” said Finance Secretary Benjamin Diokno during the budget briefing at the House of Representatives.
The bills on the excise tax on single-use plastics, value-added tax on transactions, rationalization of the mining fiscal regime, and the motor vehicle users tax were identified as priority measures by President Ferdinand Marcos Jr. in his recent State of the Nation Address.
Meanwhile, the Passive Income and Financial Intermediary Taxation, the fourth package of the tax reform program under the Duterte administration, was already approved by the House of Representatives in the 18th Congress in 2019. It remains pending at the committee level in the Senate.
On the other hand, the bill on excise tax on pre-mixed alcoholic beverages was only filed at the lower chamber.
The DOF earlier pushed for the revival of the plan to tax junk food and impose a higher tax on sweetened beverages.
