The economic team of President Bongbong Marcos will ask legislators to pass three new tax measures which they expect will add an average of P512.7 billion to the government’s revenue annually.
Finance Secretary Benjamin Diokno said the Development Budget Coordination Committee would push for the passage of the measures, which include higher taxes on sweetened beverages, the rationalization of the Motor Vehicle Road User’s Tax, and reforms in the mining fiscal regime.
If approved, Diokno said the measures could generate an additional P81.86 billion in revenues in 2025.
The increase in excise tax on sweetened beverages is expected to generate the biggest revenue at P53.68 billion, followed by the Motor Vehicle Road User’s Tax at P15.78 billion, and the changes to the mining fiscal regime at P12.4 billion.
The DOF is also expecting additional revenue this year from the implementation of the Passive Income and Financial Intermediaries Taxation Act, imposition of the value-added tax on digital service providers, excise tax on single-use plastics, and excise tax on pre-mixed alcohol.
The increase in the excise tax on sweetened beverages will yield the biggest at P53.68 billion followed by the Motor Vehicles Road User’s Tax at P15.78 billion. Changes to the mining fiscal regime are programmed to yield P12.4 billion in additional revenues.
The DOF is expecting additional revenue from for measures this year: the implementation of the Passive Income and Financial Intermediaries Taxation Act, the imposition of the value added tax on digital service providers, the imposition of the excise tax on single use plastics and the imposition of excise tax on pre-mixed alcohol.
