The Department of Finance (DOF) aims to raise at least P145 billion in the next five years through the implementation of President Ferdinand R. Marcos Jr.'s initial four tax revenue proposals. ManilaBulletin
Finance Secretary Benjamin E. Diokno said they expect four tax measures, to be implemented beginning 2024, under the medium-term fiscal framework would clear all hurdles in both chambers of Congress before the end of the year.
Based on the DOF estimates, these tax revenue measures would generate a total of P145.5 billion in additional tax collections from 2024 to 2028. As for the excise tax on single-use plastics, the DOF expects P38.1 billion in the first five years of implementation. “These structural reforms will be complemented by the strategies outlined in the Philippine Development Plan 2023-2028, which will provide a conducive environment for sustainable and robust economic growth,” Diokno said.
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