Recto: No additional taxes this year

FINANCE Secretary Ralph Recto has ruled out the possibility of pushing for additional taxes this year. 

”Frankly speaking, there are no plans on imposing additional new taxes,” Recto told reporters on Wednesday, citing the high inflation environment.

Still, Recto said he would pursue the ”fine-tuned” version of tax measures proposed by his predecessor, Monetary Board member Benjamin Diokno. 

These include Package 3 of the Comprehensive Tax Reform Program (CTRP), or the Real Property Valuation and Assessment Reform (RPVAR), Package 4 of the CTRP, or the Passive Income and Financial Intermediaries Taxation Act (PIFITA), as well as the rationalization of the mining fiscal regime and the Motor Vehicle Road User’s Tax (MVRUT).

The government’s total revenue collection target for 2024 is P4.3 trillion, with the bulk amounting to P3.05 trillion to be generated by the Bureau of Internal Revenue, while the Bureau of Customs is expected to collect around P1 trillion.

Recto ordered BIR to swiftly implement the Ease of Paying Taxes Act to deliver on its promise of prompt, efficient, and excellent taxpayer service, ensuring that taxpayers receive value for their contributions.

He also instructed the BIR to run after tax cheats and intensify its campaign for tax compliance in a fair manner that favors no one.

The finance chief directed the BOC to channel all efforts towards significantly enhancing trade facilitation and strengthening border control to curb smuggling.