No new taxes, just better collection - Feb 06, 2024, Philippines, Asia Pacific Supplier, Supply, Supplies, Specialist

No new taxes, just better collection

The Marcos administration would not impose new taxes as part of efforts to repair the economy after the pandemic, Finance Secretary Ralph Recto said on Wednesday, adding the government would rather improve collection efficiency than create new imposts that might stoke inflation.

Recto, who took the finance portfolio on Jan. 15, said the plan was to “collect what’s on the table” and not burden Filipinos reeling from high prices with new consumption taxes.

To meet the department’s target revenue of P4.3 trillion this year, Recto said the government would pursue some tax reforms and “intensify implementation of digitalization initiatives, strengthen enforcement efforts, improve the administration of taxes and intensify its anticorruption drive.”

“Recognizing the current economic challenges, we must not rely solely on imposing new or additional taxes,” Recto said in a press conference.

Published : 6-Feb-2024