{"id":18827,"date":"2024-05-20T03:00:56","date_gmt":"2024-05-20T03:00:56","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/"},"modified":"2024-05-20T03:00:56","modified_gmt":"2024-05-20T03:00:56","slug":"finance-department-says-no-plan-to-further-raise-sin-tax-rates","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/","title":{"rendered":"Finance department says no plan to further raise sin tax rates"},"content":{"rendered":"
\n

THE DEPARTMENT of Finance (DoF) is not planning to raise taxes on \u201csin\u201d products but is closely looking into the mounting tax losses due to illegal importation of cigarettes.<\/span><\/p>\n

\u201cWe will not impose any hike except for the existing [rates,]\u201d Finance Undersecre<\/span>tary and Chief Economist Domini S. Velas<\/span>quez said at a forum hosted by the <\/span>Economic Journalists Association of the Philip<\/span>pines and San Miguel Corp. at the weekend.<\/p>\n

The government imposes so-called \u201csin\u201d taxes or excise taxes on certain goods such as alcoholic beverages and tobacco products in order to discourage consumption.<\/p>\n

Ms. Velasquez said the DoF is not keen on increasing tax rates that may stoke inflation. Instead, she said the department is \u201creally zeroing in on how to improve administrative eff<\/span>iciency.\u201d<\/p>\n

Signed into law in January 2020, Republic Act No. 11467 increased the excise tax on electronic cigarettes and alcoholic products to fund the Universal Health Care (UHC) law. <\/span><\/p>\n

For instance, the ad valorem tax was increased to 22% of the net retail price of distilled spirits. The specif<\/span>ic tax was raised to P42 per proof liter in 2020, to P47 per proof liter in 2021, to P52 in 2022, to P59 in 2023, and to P66 in 2024.<\/p>\n

Under the law, the tax rate for tobacco products would be increased by 5% yearly starting Jan. 1, 2024.<\/p>\n

\u201cHigher sin taxes could lead to some increase in inflation but the weight in the in<\/span>f<\/span>lation\/CPI (consumer price index) basket<\/span> is relatively smaller,\u201d Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Facebook Messenger chat. <\/span><\/p>\n

Excise tax collection contributes around 12% to the Bureau of Internal Revenue\u2019s overall collection. Aside from alcohol and tobacco, excise taxes are imposed on petroleum and minerals, among others.<\/p>\n

Data from the DoF showed the sin tax collection reached P65.3 billion in 2022, 23% higher than the previous year.<\/p>\n

DoF\u2019s Ms. Velasquez said the department is looking into the rampant smuggling of cigarettes into the country, which has resulted in millions in revenue losses for the government.<\/p>\n

\u201cOne of the things being looked at is possibly illicit cigarette trade. This could possibly be one of the gaps in terms of tax collections,\u201d Ms. Velasquez said in a Viber message. <\/span><\/p>\n

Mr. Ricafort said the government should ensure \u201cgreater enforcement of the law also versus smuggling and other illegal activities that also reduce the government\u2019s tax revenue collections.\u201d<\/p>\n

He said the government should strengthen measures against tax evasion, run after tax cheats, and encourage tax payment compliance.<\/p>\n

Earlier this month, the BIR seized 227,351 packs of illicit cigarettes during a raid of warehouses in Brooke\u2019s Point, Palawan. The BIR estimated the illegal importers of these cigarettes were responsible for P150.7 million in tax liabilities. \u2014 B.M.D.Cruz<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE DEPARTMENT of Finance (DoF) is not planning to raise taxes on \u201csin\u201d products but is closely looking into the mounting tax losses due to illegal importation of cigarettes. \u201cWe will not impose any hike except for the existing [rates,]\u201d Finance Undersecretary and Chief Economist Domini S. Velasquez said at a forum hosted by the [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,3827,11916,6441,4645,8832,8579,192,521,3153],"class_list":["post-18827","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-department","tag-finance","tag-further","tag-plan","tag-raise","tag-rates","tag-says","tag-sin","tag-tax"],"yoast_head":"\nFinance department says no plan to further raise sin tax rates - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance department says no plan to further raise sin tax rates - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE DEPARTMENT of Finance (DoF) is not planning to raise taxes on \u201csin\u201d products but is closely looking into the mounting tax losses due to illegal importation of cigarettes. \u201cWe will not impose any hike except for the existing [rates,]\u201d Finance Undersecretary and Chief Economist Domini S. Velasquez said at a forum hosted by the [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/\" \/>\n<meta property=\"og:site_name\" content=\"Energy Buzz\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-20T03:00:56+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/person\\\/344f8dbaaecf75e51367eef93f492892\"},\"headline\":\"Finance department says no plan to further raise sin tax rates\",\"datePublished\":\"2024-05-20T03:00:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\\\/\"},\"wordCount\":459,\"publisher\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\"},\"keywords\":[\"bworldonline\",\"department\",\"finance,\",\"further\",\"plan\",\"raise\",\"rates\",\"says\",\"sin\",\"tax\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\\\/\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\\\/\",\"name\":\"Finance department says no plan to further raise sin tax rates - Energy Buzz\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#website\"},\"datePublished\":\"2024-05-20T03:00:56+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/energybuzz.ph\\\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Finance department says no plan to further raise sin tax rates\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#website\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/\",\"name\":\"Energy Buzz\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/energybuzz.ph\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\",\"name\":\"Energy Buzz\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/EnergyBuzzLogo.png\",\"contentUrl\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/EnergyBuzzLogo.png\",\"width\":1315,\"height\":656,\"caption\":\"Energy Buzz\"},\"image\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/person\\\/344f8dbaaecf75e51367eef93f492892\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Finance department says no plan to further raise sin tax rates - Energy Buzz","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/","og_locale":"en_US","og_type":"article","og_title":"Finance department says no plan to further raise sin tax rates - Energy Buzz","og_description":"THE DEPARTMENT of Finance (DoF) is not planning to raise taxes on \u201csin\u201d products but is closely looking into the mounting tax losses due to illegal importation of cigarettes. \u201cWe will not impose any hike except for the existing [rates,]\u201d Finance Undersecretary and Chief Economist Domini S. Velasquez said at a forum hosted by the [\u2026]","og_url":"https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/","og_site_name":"Energy Buzz","article_published_time":"2024-05-20T03:00:56+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/#article","isPartOf":{"@id":"https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/"},"author":{"name":"admin","@id":"https:\/\/energybuzz.ph\/#\/schema\/person\/344f8dbaaecf75e51367eef93f492892"},"headline":"Finance department says no plan to further raise sin tax rates","datePublished":"2024-05-20T03:00:56+00:00","mainEntityOfPage":{"@id":"https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/"},"wordCount":459,"publisher":{"@id":"https:\/\/energybuzz.ph\/#organization"},"keywords":["bworldonline","department","finance,","further","plan","raise","rates","says","sin","tax"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/","url":"https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/","name":"Finance department says no plan to further raise sin tax rates - Energy Buzz","isPartOf":{"@id":"https:\/\/energybuzz.ph\/#website"},"datePublished":"2024-05-20T03:00:56+00:00","breadcrumb":{"@id":"https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/energybuzz.ph\/finance-department-says-no-plan-to-further-raise-sin-tax-rates\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/energybuzz.ph\/staging\/6915\/"},{"@type":"ListItem","position":2,"name":"Finance department says no plan to further raise sin tax rates"}]},{"@type":"WebSite","@id":"https:\/\/energybuzz.ph\/#website","url":"https:\/\/energybuzz.ph\/","name":"Energy Buzz","description":"","publisher":{"@id":"https:\/\/energybuzz.ph\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/energybuzz.ph\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/energybuzz.ph\/#organization","name":"Energy Buzz","url":"https:\/\/energybuzz.ph\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/energybuzz.ph\/#\/schema\/logo\/image\/","url":"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2023\/09\/EnergyBuzzLogo.png","contentUrl":"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2023\/09\/EnergyBuzzLogo.png","width":1315,"height":656,"caption":"Energy Buzz"},"image":{"@id":"https:\/\/energybuzz.ph\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/energybuzz.ph\/#\/schema\/person\/344f8dbaaecf75e51367eef93f492892","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/energybuzz.ph\/staging\/6915\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts\/18827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/comments?post=18827"}],"version-history":[{"count":0,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts\/18827\/revisions"}],"wp:attachment":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/media?parent=18827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/categories?post=18827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/tags?post=18827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}