DOF pushes for tax reform at start of budget hearings

RG Cruz, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Benjamin Diokno speaks during an interview with ANC" s="" The="" Boss="" on="" March="" George="" ABS-CBN="" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2019/business/03/21/20190312_bsp-ben-diokno-gc.jpg"/><figcaption>Benjamin Diokno speaks during an interview with ANC&#x27;s The Boss on March 12, 2019. <em>George Calvelo, ABS-CBN News</em></figcaption></figure></div><p>MANILA — The Department of Finance pushed for tax reform at the start of the 2024 budget deliberations at the House of Representatives on Thursday. </p><p>Finance Secretary Benjamin Diokno said the tax measures they want Congress to pass include the excise tax on <a href="https://news.abs-cbn.com/news/11/14/22/tax-on-single-use-plastic-bags-passes-house-on-final-reading">single-use plastics</a>, rationalization of mining fiscal regime, motor vehicle <a href="https://www.youtube.com/watch?v=DbGEC-uB1WE&amp;ab_channel=ABS-CBNNews">road users tax</a>, excise tax on <a href="https://news.abs-cbn.com/business/06/22/23/dof-doh-eye-higher-sin-tax-rates-on-junk-food">sweetened beverages and junk food</a>, tax on pre-mixed alcohol, <a href="https://news.abs-cbn.com/business/07/06/23/digital-vat-seen-yielding-p967-billion-for-govt">VAT on digital service providers</a>, carbon taxation, capital market development bill, and the <a href="https://news.abs-cbn.com/news/07/19/23/pnp-says-ready-for-proposed-mup-pension-system-reforms">military and uniformed personnel pension</a> reform bill.</p><p>&quot;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,&quot; Diokno told lawmakers. </p><p>Diokno said government eyed nearly doubling the tax revenues by the time President Ferdinand Marcos Jr. steps down.</p><p>&quot;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,&quot; he said.</p><p>Diokno said they are strengthening tax administration in order to achieve the country&#x27;s medium-term fiscal framework targets.</p><p>&quot;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,&quot; Diokno said. </p><p>Meanwhile, for the (Bureau of Customs), tax administration measures include customs modernization program, fuel marking program, Computer-Aided Risk Management System, and anti-smuggling initiatives, he added. </p><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2611291" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Department of Finance pushed for tax reform at the start of the 2024 budget deliberations at the House of Representatives. 

DOF pushes for tax reform at start of budget hearings | ABS-CBN

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DOF pushes for tax reform at start of budget hearings

DOF pushes for tax reform at start of budget hearings

RG Cruz,

ABS-CBN News

Published Aug 10, 2023 03:55 PM PHT

|

Updated Aug 10, 2023 06:07 PM PHT

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Department of Finance

DOF

budget

tax

taxes

tax reform

single use plastics

road users tax

junk food tax

digital VAT

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