The government aims to raise P308.87 billion next year through the excise taxes slapped on alcohol and tobacco products.
According to the proposed Budget of Expenditures and Sources of Financing for 2024, the expected excise collections of the Bureau of Internal Revenue (BIR) from these two “sin” products will increase by 10.4 percent from the programmed tobacco and alcohol excise tax revenues of P279.8 billion this year.
Last year, actual excise tax collections from tobacco and alcohol products amounted to P261.5 billion.
For 2024, excise tax collections from tobacco products is projected to amount to P185.32 billion, up versus the P169.84 billion programmed for this year.
As for alcohol products, projected excise tax collections next year is P123.55 billion, also recording an increase from the P109.94 billion expected for 2023.
The BIR’s total excise tax collections projected for 2024 is P457.81 billion, 36.29 percent up from this year’s program of P335.91 billion.
Aside from tobacco and alcohol products, other major items that are seen to contribute to the government’s excise tax collections next year include sweetened beverage and junk food (P109.32 billion), mining (P26.06 billion), automobiles (P6.71 billion) and single-use plastics (P6.54 billion).
The government’s two largest revenue-generating agencies are expected to rake in over P4 trillion in revenues in 2024.
The said figure is 15.19 percent higher than the P3.51 trillion program for this year.
Of the said amount, the BIR will collect taxes amounting to P3.05 trillion, 15.44 percent higher than this year’s goal of P2.64 trillion.
Meanwhile, the Bureau of Customs, for the first time in its history, is tasked to generate more than a trillion pesos in revenues.
The P1 trillion goal is 14.41 percent up versus this year’s target of P874.17 billion.
