The national government’s earnings last year from the various tax reforms of the previous administration, like the TRAIN law, expanded by more than a quarter to over P200 billion on the back of the opening of the economy. Know more:
THE national government’s earnings last year from the various tax reforms of the previous administration, like the Tax Reform for Acceleration and Inclusion [TRAIN] law, expanded by more than a quarter to over P200 billion on the back of the opening of the economy.
Last year’s collection brought the total additional revenues generated by the government from the various tax reforms, which started with the TRAIN law in 2018, to P709.9 billion. “Collections from Package 2+ or the Sin tax laws amounted to P65.3 billion in 2022, 23 percent or P12.4 billion higher than the 2021 collection of P52.9 billion,” it added.
The national government raked in P132.6 billion in imported petroleum excise tax, 10.7 percent more than the P119.8 billion it collected in 2021.
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