The government’s two top revenue agencies collected up to P3.2 trillion in duties and taxes from the country’s P5.3-trillion economy this year, surpassing its targets for 2022, Malacañang said. | JeromeAningINQ /PDI
Despite the excellent revenue collection performance, however, the DOF said it would seek new taxes in 2023, such as excises on single-use plastics and value added taxes on digital service providers.
The DOF also said it would continue pushing for unimplemented packages of the Comprehensive Tax Reform Program, including real property valuation and taxes on passive income and financial services. It will also target private sector fund mobilization through public-private partnership projects and will monetize assets, such as the Basay mining rights in Negros Oriental, Tala Estate property in Caloocan City and Food Terminal Inc. property in Taguig City.
Meanwhile, the agency said the government is expected to secure next year around $19.1 billion in official development assistance, $9.2 billion worth of loans from multilateral development partners, and $9.8 billion in loans from bilateral lenders.
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