P120.5-billion revenue seen from new tax measures | ABS-CBN
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P120.5-billion revenue seen from new tax measures
P120.5-billion revenue seen from new tax measures
RG Cruz,
ABS-CBN News
Published Sep 22, 2023 11:23 AM PHT
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MANILA — The national government sees additional revenues of at least P120.5 billion next year from 6 proposed tax measures pending in Congress, according to the House of Representatives' in-house think tank.
MANILA — The national government sees additional revenues of at least P120.5 billion next year from 6 proposed tax measures pending in Congress, according to the House of Representatives' in-house think tank.
In its analysis of the national budget, the Congressional Policy and Budget Research Department (CPBRD) listed the following tax measures with corresponding projected revenues for 2024.
In its analysis of the national budget, the Congressional Policy and Budget Research Department (CPBRD) listed the following tax measures with corresponding projected revenues for 2024.
- Passive Income and Financial Intermediary Taxation: P8.5 billion
- VAT on digital services: P17 billion
- Excise tax on single-use plastics: P6.5 billion
- Rationalization of the mining fiscal regime: P12.4 billion
- Excise tax on pre-mixed alcoholic beverages: P0.4 billion
- Excise tax on sweetened beverages and junk food: P75.7 billion
- Passive Income and Financial Intermediary Taxation: P8.5 billion
- VAT on digital services: P17 billion
- Excise tax on single-use plastics: P6.5 billion
- Rationalization of the mining fiscal regime: P12.4 billion
- Excise tax on pre-mixed alcoholic beverages: P0.4 billion
- Excise tax on sweetened beverages and junk food: P75.7 billion
CPBRD did not state any revenue projection for the Ease of Paying Taxes Bill.
CPBRD did not state any revenue projection for the Ease of Paying Taxes Bill.
The estimated increase in real property tax revenues, which will accrue to local government units, is not included in total national government revenues.
CPBRD noted that most of the measures were approved in the House of Representatives and were pending in the Senate.
The estimated increase in real property tax revenues, which will accrue to local government units, is not included in total national government revenues.
CPBRD noted that most of the measures were approved in the House of Representatives and were pending in the Senate.
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"Three reforms on the list are included in the Legislative-Executive Development Advisory Council (LEDAC) Common Legislative Agenda for the 19th Congress," the think tank said.
"Three reforms on the list are included in the Legislative-Executive Development Advisory Council (LEDAC) Common Legislative Agenda for the 19th Congress," the think tank said.
The CPBRD said the revision of revenue targets in the fiscal program took into consideration the implementation of most of the priority measures.
The CPBRD said the revision of revenue targets in the fiscal program took into consideration the implementation of most of the priority measures.
It noted that the government appeared intent on generating new revenues by broadening the tax base.
It noted that the government appeared intent on generating new revenues by broadening the tax base.
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