Saturday, November 28, 2020

Govt targets over P4-T tax revenues by 2022


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THE government aims to raise more than P4 trillion in revenues by the end of the Duterte administration in 2022, with the bulk expected to be collected from the government’s comprehensive tax-reform packages.

According to the Development Budget Coordination Committee’s (DBCC) medium-term program that reporters obtained on Thursday, the interagency body expects these revenues to increase by 10.5 percent to P3.149 trillion this year, 12.3 percent to P3.536 trillion next year, 11.8 percent to P3.953 trillion by 2021, and 11.7 percent to P4.416 trillion by 2022.

The Bureau of Internal Revenue was tasked to collect P2.271 trillion this year, P2.576 trillion next year, P2.914 trillion in 2021, and P3.287 trillion in 2022.

This photo taken on April 15, 2019 shows tax payers filing their income tax return at the Bureau of Internal Revenue in Intramuros, Manila. PHOTO BY DJ DIOSINA

The Bureau of Customs was programmed to collect P661 billion this year, P731 billion next year, P813 billion in 2021, and P900 billion in 2022.

Overall, tax revenues are seen to hit P2.995 trillion this year, P3.332 trillion next year, P3.754 trillion in 2021, and P4.217 trillion in 2022.

Non-tax collections, meanwhile, are seen to hit P192 billion this year, P201 billion next year, P196.976 billion in 2021 and P196.179 billion in 2022.

Revenues would be sourced from Packages 1A, 1B and 2 Plus of the state’s Comprehensive Tax Reform Program, as well as the fuel-marking program.

Package 1A — better known as Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (Train) Act, implemented at the start of 2018 — exempts those earning annual taxable incomes of P250,000 and below from paying personal income taxes.

In exchange, excise taxes on certain products, including fuel, automobiles, sugar-sweetened beverages and non-essential cosmetic procedures, were raised.

Package 1B proposes adjustments to the Motor Vehicle Users Charge, while Package 2 Plus — or Republic Act 11346, which President Rodrigo Duterte signed on July 25 — imposes higher taxes on cigarettes and a new tax on e-cigarettes and other alternative devices for smoking.

Launched in February, the fuel-marking program is designed to check oil smuggling by marking imported and refined gasoline, diesel and kerosene using a covert and sophisticated marking and testing technology. This is to ensure that all downstream fuels are tax- and duty- paid.



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