The gov't stands to rake in up to ₱29.5B in fresh annual revenues beginning 2024 — on top of its programmed revenues — once Congress approves a tax package that counts a levy on digital sales, single-use plastics, and pre-mixed alcohol, the DOF says.
The government stands to rake in up to ₱29.5 billion in fresh annual revenues beginning 2024 — on top of its programmed revenues — once Congress approves a tax package that counts a levy on digital sales, single-use plastics, and pre-mixed alcohol, the Department of Finance has said.
The House of Representatives and the Senate are still tackling the proposed measures, but economic managers want them implemented beginning next year. Taxing single-use plastics and pre-mixed alcohol, meanwhile, could generate up to ₱9 billion and ₱0.6 billion per year, DOF documents also showed. Earlier tax reform packages—the TRAIN law, sin taxes, and the Corporate Recovery and Tax Incentives for Enterprises—generated additional revenues of P202.8 billion in 2022, Diokno said in a separate statement distributed to journalists on May 26.
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