President Ferdinand Marcos Jr.'s economic team sees higher revenues, as the government gears up to slap more taxes on sweet beverages, single-use plastics, and mining.
MANILA, Philippines – The Marcos administration is anticipating an increase in revenues due to higher taxes from passive income, online streaming services, single-use plastics, and premixed alcohol, among others.
President Ferdinand Marcos Jr.’s economic team is set to pick up Duterte’s proposed Passive Income and Financial Intermediary Taxation Act, which is expected to yield P25 billion. The DBCC’s joint statement also reiterated the intended push for value-added tax on digital service providers and excise taxes on single-use plastics and premixed alcohol, which are expected to be implemented in 2024.
Diokno, the former budget chief of Duterte who eventually became central bank governor, was instrumental in the previous administration’s tax reform agenda.what was not implementedThe government is expecting P53 billion from excise taxes on sweetened beverages and P15.8 billion from motor vehicle road user’s tax. As for the mining tax reform, it expects P12 billion in the first year of implementation.
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