Revenues seen hitting P4.2 trillion next year

MANILA, Philippines — The government is seen raking in some P4.24 trillion in revenues next year as it banks on the implementation of the administration’s priority tax measures.

Latest estimates from the Cabinet-level Development Budget Coordination Committee (DBCC) showed that revenue collection for 2024 is projected to reach P4.235 trillion.

This is 10 percent above the expected P3.846 trillion revenues for 2023.

The DBCC said this is due to the anticipated implementation of priority tax measures over the medium term.

“These measures aim to broaden the tax base, improve tax administration, enhance the fairness and efficiency of the tax system, and promote environmental sustainability to address climate change,” the DBCC said.

The Bureau of Internal Revenue and the Bureau of Customs are already implementing several reforms to strengthen tax administration and enhance revenue collection.

These include digitalization programs intended to eliminate corruption, increase transparency and improve the ease of paying taxes.

The economic team has committed to closely work with Congress for the passage of the previous administration’s remaining tax reforms on passive income and financial intermediaries taxation and real property valuation and assessment, as well as new tax measures.

These include the excise tax on single-use plastics, rationalization of the mining fiscal regime, higher motor vehicle road users’ tax  as well as excise tax on sweetened beverages and junk food.

Also covered are the tax on pre-mixed alcohol, value-added tax on digital service providers, carbon taxation, capital market development bill, and the military and uniformed personnel pension reform bill.

As of now, the only revenue-enhancing measures that are moving forward are the taxes on digital transactions and single-use plastics, as well as the ease of paying taxes to enhance collection efficiency.