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DOF proposes 8% tax initiative to raise P456B
DOF proposes 8% tax initiative to raise P456B
DOF proposes 8% tax initiative to raise P456B
by Daylight Abas29 August 2023

The government has a plan to implement new and revised taxes to collect P500 billion in the next three years.

Among the proposed revised taxes of the Department of Finance (DOF) is the 8% tax initiative, which the chamber will approve and which can possibly generate a revenue of P455.9 billion for the years 2024 to 2026.

Included in the list of the DOF’s revenue measures is the proposal to increase the tax on sweetened beverages and junk foods, which is estimated to increase the revenue target of P272.39 billion by more than half.

Moreover, the government will increase the tax on sweetened beverages to P12 per liter, depending on the type of product used.

Meanwhile, it is expected that the proposed imposition of the value-added tax on digital service providers will contribute a large amount of P90 billion in the next three years.

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