THE DEPARTMENT of Finance (DoF) is proposing a package of new and higher taxes on sweetened beverages, e-cigarettes, flexible plastic products, luxury vehicles and private aircraft to offset revenue losses from proposed personal income tax relief measures.
At a briefing on Monday, DoF Undersecretary Karlo Fermin S. Adriano said these measures are part of the proposed Promoting Growth, Revenue, and Equity towards Socio-economic Sustainability bill.
Mr. Adriano said the tax measures are expected to generate an average of P129.68 billion in additional revenues annually from 2027 to 2030.
These revenues are expected to offset the estimated P81.73-billion average annual revenue loss from raising the personal income tax-exempt threshold to P350,000 and removing the minimum corporate income tax for micro and small enterprises.
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