Marcos Urges Swift Passage of Tax Reform Package to Boost Revenue

PRESIDENT Ferdinand R. Marcos, Jr. wants Congress to pass the Department of Finance’s proposed tax reform package within the year, Malacañang said on Tuesday. Palace Press Officer Clarissa A. Castro said the President wants the proposed Promoting Growth, Revenue and Equity towards Socioeconomic Sustainability bill enacted as soon as possible. The package is expected to generate an average of P129.68 billion in additional annual revenues from 2027 to 2030, offsetting about P81.73-billion average annual revenue loss from the proposed increase in the personal income tax-exempt threshold to P350,000. The proposal includes a 75% excise tax on vehicles priced above P8 million, higher taxes on sweetened beverages and single-use plastics, a 25% tax on private aircraft and higher motor vehicle user’s charges. — Erika Mae P. Sinaking