Finance Secretary Benjamin Diokno on Tuesday described proposals to suspend the value-added tax and the excise tax on petroleum products
as short sighted and ill-advised as they would have serious consequences on the government’s finances and the economy.
He said the revenue loss and its fiscal implications would be significant, estimated at P72.6 billion in VAT and P41.4 billion in excise taxes in the fourth quarter alone. He said that on an annual basis, the full-year revenue loss would be a whopping P280.5 billion, or 1.1 percent of GDP. The forgone revenues will also lead to higher budget deficit from 5.1 percent to 6.2 percent of GDP, and higher debt-to-GDP ratio in 2024 from a projected 60.2 percent to 61.3 percent.
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