Tax reforms add P229Bn in revenues
The implementation of several tax reform laws in the Philippines generated P228.6 billion (US$4.35 billion) in additional revenues in 2021.
According to the Department of Finance (DOF) data, this figure exceeds the government’s target by 14%.
The DOF Domestic Finance Group said implementing the Tax Reform for Acceleration and Inclusion (TRAIN) law, the Tax Amnesty Act, and the sin tax reform laws helped boost the tax take in the country.
DOF Undersecretary Valery Joy A. Brion disclosed that revenues from TRAIN reached P171.1 billion (US$3.25 billion) in 2021, surpassing the target by 8.3%.
The Tax Amnesty Act, on the other hand, generated additional revenues of P4.6 billion last year.
The DoF said the implementation of these laws helped generate P576 billion (US$10.9 billion) in additional revenues from 2018 to 2021.
Dominguez said the tax reform laws plus the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act make Mr. Duterte’s Comprehensive Tax Reform Program (CTRP) nearly 90% complete.
He added that the tax reform packages helped the Duterte administration hike infrastructure spending to above five per cent of gross domestic product and increase allocations for healthcare and pandemic response programs.
