MANILA - The Senate's version of tax reform will yield an estimated P59.9 billion in annual revenues, half the expected haul from the House of Representatives' bill, according to computations from the Department of Finance.
The House version of President Rodrigo Duterte's priority measure is expected to generate P119.4 billion. The DOF's first draft of the bill had projected P157.2 billion, which was later reduced to P149.6 billion.
Both chambers will need to reconcile their respective versions of the measure before the President can sign it into law.
Duterte is seeking higher taxes on fuel and cars and the removal of some tax breaks to help offset a reduction in income tax rates and help fund a P8-trillion infrastructure program.
Finance Secretary Carlos Dominguez said in late August that a veto of the measure was an option if projected revenues don't reach P137 billion.