THE Department of Finance (DOF) said it would tap other “non-traditional” sources to boost revenues this year as Secretary Ralph Recto remains firm against new “inflation-inducing” tax measures, an official said.
During a seminar organized by the Economic Journalists Association of the Philippines and San Miguel Corp, DOF chief economist, Undersecretary Domini Velasquez, said some of the earlier proposed new tax measures were shelved when Recto took the helm at the DOF.
Recto earlier said there will be no new taxes until next year and that the DOF will only pursue taxes that are already in the advanced stages.
To boost revenue, the DOF earlier asked government-owned and controlled corporations to increase dividends.
The agency also urged the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) to improve tax collection and to hit the targets for the year. The DOF earlier said the BIR must meet a collection target of over P3 trillion while the BOC must collect close to P1 trillion.
Velasquez shared that the BIR and the BOC’s priorities to boost revenues include indirect taxes through the crackdown of illicit petroleum and tobacco trade, and actively pursuing individuals and companies evading taxes.
Velasquez also said there are government assets and idle projects that could be tapped to increase revenues for the government and are seen to provide more value to the economy. The DOF is also looking at improving tax on e-commerce activities, she added.Other non-inflationary tax measures include the proposed excise tax on single-use plastics, among others, she said.
In the first four months of 2024, the DOF said non-tax revenues rose 85 percent. (ABS-CBN News)
