MANILA - The Department of Finance is preparing to submit a proposal to Congress on the imposition of excise taxes on soft drinks and other sweetened beverages.
President Rodrigo Duterte is seeking new levies to offset a planned reduction in personal and corporate and income taxes which are part of a broad economic reform push.
Some lawmakers are proposing a P10 excise tax on soft drinks. Finance undersecretary Karl Kendrick Chua however said consultations on the matter were still ongoing.
"We are proposing to submit it once we have consulted significantly the experts on how to properly do this taxation," Chua said in a statement.
Chua said a soft drink tax would not significantly affect the sugar industry in the same way cigarette and liquor manufacturers weathered the effects of excise taxes.
Duterte is also seeking excise taxes on petroleum and a lifting of a tax exemption on employees' 13th month pay.