DOF EXPECTS P135 BILLION MORE TAXES
The Department of Finance (DOF) expects to raise P13.4 billion in additional taxes from three tax measures next year.
The DOF estimated that P7 billion would come from the indexation of excise taxes on alcohol and cigarette products.
The rationalization of excise taxes on motor vehicles will raise another P1.42 billion.
The rationalization of the documentary stamp tax (DST) crucial to the development of the local capital markets will add P5 billion.
Over a seven-year period, the measures, once successfully legislated would boost revenues dramatically.
The measures should increase the tax take of the national government by P20.987 billion in 2005, by P23.203 billion in 2006, by P27.023 billion in 2008, by P29.827 billion in 2009 and by P31.668 billion 2010.
It is currently finetuning the 2004 program. The DBCC-technical working group is set to meet on Friday to discuss the medium-term consolidated public sector deficit (CPSD), which measures the financial standing of NG, government corporations, government financial institutions, state pension funds and local government units (LGUs).
Reported by: Sol Jose Vanzi
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