In just a little over a month, Ferdinand “Bong Bong” Marcos Jr., will become our country’s 17th President. Unfortunately, the Duterte administration will leave a record P12.8 trillion in debts, and the current Department of Finance (DOF) is proposing new measures to generate revenues for the next four years, including putting additional taxes on motorcycles.
According to the proposal, Package 1, which will be implemented next year, will put excise taxes on motorcycles and tax exemption on pickup trucks will be repealed, with the hopes of generating at least P19.2B in additional revenues for the government.
According to DOF, the measure seeks to make up for the debts the country had incurred during the pandemic within the next 10 years.
Others included in the proposal are taxes on digital services, social media influencers, tax on crypto currencies and many more. If all will be approved by the next administration, the DOF estimates that the new tax proposal should generate at least P349.3B per year income for the government.
“The next administration is coming in with a strong mandate. We are confident that the soon-to-be President will put it to good use by pursuing critical reforms such as this much-needed program,” says DOF secretary, Carlos "Sonny" Dominguez III.