The economic team's plan to pursue new taxes on digital services and pollutants, as well as “rightsizing” of the bureaucracy, may not generate enough revenues needed to repay the Philippines’ ballooning debt, experts said. READ:
Finance Secretary Benjamin E. Diokno last week said they are considering the imposition of taxes on digital or online transactions, single-use plastics, and carbon emissions. This as the Marcos administration looks for new sources of revenues to lower the fiscal deficit and repay the P3.2-trillion additional debt incurred during the coronavirus disease 2019 pandemic.
John Paolo R. Rivera, economist from the Asian Institute of Management, said a tax on single-use plastics and carbon emissions will have “good environmental implications because it will inhibit its use, which is good for the environment in the long run.” “Goods and services bought through the internet should really be taxable for VAT as all goods and services are, unless expressly made exempt by law,” Senator Juan Edgardo M. Angara said in a Monday statement.
“It is also unfair because local online businesses are covered by taxation laws, but multinational corporations who have less physical presence but a wider reach do not seem to be within the scope. They may have to be properly taxed given the outdated provisions and leakages in tax measures,” Mr. Revilla said in a statement.
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