The Department of Finance (DOF) estimates to raise nearly P30 billion next year in additional revenues from the tax measures identified in the Medium-Term Fiscal Framework.
In a message to reporters, Finance Secretary Benjamin Diokno said tax package 4 or the Passive Income and Financial Intermediary Taxation Act is seen to generate P8.5 billion in 2024, while the value added tax on digital service providers is expected to bring P13.7 billion in revenues next year.
The excise tax on single-use plastics will generate P6.5 billion in 2024, while the excise tax treatment on pre-mixed alcohol is projected to yield P400 million.
Diokno said these four measures are “pretty advanced” and have been approved in the House and are being deliberated in the Senate. This means these are taken into account in the government’s revenue projections for next year.
Three additional tax measures are seen to generate more revenues for the government in 2025, depending on the legislative process.
The excise tax on sweetened beverages will generate P53.7 billion in the first year of implementation.
The motor vehicle road user’s tax is estimated to generate P15.8 billion in the first year, P31 billion in the second year and P48.6 billion in year three.
The mining fiscal regime is expected to bring P12.4 billion in 2025, P12.9 billion in 2026, P13.4 billion in 2027 and P13.9 billion in 2028. – Angela Celis
