This is how Finance Secretary Ralph G. Recto detailed his leadership of a department expected to raise P15.8 billion a day to keep the Philippines afloat amid headwinds.
This year, the Department of Finance was tasked to collect P4.269 trillion in revenues to finance the 2024 national budget worth P5.767 trillion. About P3.820 trillion is expected to come from tax revenues, P407.493 billion via non-tax revenues and P42.120 billion from privatization of state assets.
This prompted the DOF to hike non-tax revenue collections, at P539.353 billion as of the end of October, which already surpassed the target. Meanwhile, to boost revenue collection without inflicting new taxes on the public, priority revenue reform measures were signed into law this year. The BIR also started the imposition of a withholding tax system on the annual income of online sellers and merchants in e-marketplaces, such as online shopping, food delivery and booking accommodations, last July. This aims to level the playing field between brick-and-mortar stores complying, paying their taxes and registering with the BIR.
The law also reduces the CIT rate to 20 percent from 25 percent, while increasing to 100 percent the additional deduction on power expenses of the manufacturing sector.
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