The Department of Finance (DOF) has suggested tax changes during the start of discussions for the 2024 budget in the House of Representatives.
Finance Secretary Benjamin Diokno listed several tax measures, including taxes on single-use plastics, mining, vehicles, sugary drinks, and more.
These reforms aim to increase revenues by P120.5 billion in 2024 and P183.2 billion in 2026.
“These tax revenue measures will enable us to raise revenues totaling P120.5 billion or 0.5 percent of GDP in 2024 and P183.2 billion or 0.6 percent of GDP in 2026,” he told lawmakers.
The government's goal is to double tax income before President Ferdinand Marcos Jr.'s term ends. Tax revenues could rise from P3.5 trillion in 2023 to P6.5 trillion in 2028.
“In terms of revenue, tax revenue is projected to increase from P3.5 trillion in 2023 to P6.5 trillion in 2028, or from 14.4 percent of GDP to 16.9 percent of GDP,” the official added.
Diokno also mentioned efforts to strengthen tax administration, including programs to catch tax evaders and improve digital systems.
“For the BIR (Bureau of Internal Revenue), tax administration measures include the Run After Tax Evaders (RATE) program, Oplan Kandado, broadening of tax base, nationwide raid of illicit cigarettes and vapor products, Run After Fake Transactions (RAFT), and the digital transformation (DX) roadmap,” he added.
