{"id":20072,"date":"2024-08-07T03:15:44","date_gmt":"2024-08-07T03:15:44","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/govt-to-consider-new-taxes-if-revenue-collection-falls-short-recto\/"},"modified":"2024-08-07T03:15:44","modified_gmt":"2024-08-07T03:15:44","slug":"govt-to-consider-new-taxes-if-revenue-collection-falls-short-recto","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/govt-to-consider-new-taxes-if-revenue-collection-falls-short-recto\/","title":{"rendered":"Gov\u2019t to consider new taxes if revenue collection falls short \u2014 Recto"},"content":{"rendered":"
\n

THE GOVERNMENT will only <\/span>consider introducing new taxes if revenue collection falls short of target, the Department of Finance (DoF) said.<\/p>\n

\u201cIt\u2019s easy to pass a tax law. It\u2019s easy to do a tabletop revenue estimate. What\u2019s always harder is implementing the law and collecting the tax,\u201d Finance Secretary Ralph G. Recto told reporters on the sidelines of a House Committee on Appropriations hearing late on Monday.<\/span><\/p>\n

He said new taxes may be considered if revenue collections are not enough.<\/p>\n

The National Government (NG) aims to collect P4.64 trillion in revenues next year, up 8.77% from this year\u2019s projected P4.27-trillion collection. Of this, the government looks to collect P4.33 trillion in tax revenues, 13.41% lower than this year\u2019s target.<\/span><\/p>\n

\u201cIt\u2019s a high target. Assuming there\u2019s a shortfall in that, then we just manage the expenditures,\u201d he added.<\/p>\n

While Mr. Recto has repeatedly said there are no plans to introduce new taxes, the DoF has urged Congress to approve tax reforms that will generate as much as P28.38 billion in revenues next year.<\/span><\/p>\n

Priority bills include the value-added tax on digital service providers, excise taxes on single-use plastics and pickup trucks, the rationalization of the mining f<\/span>iscal regime, the motor vehicle road user\u2019s charge, and the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy.<\/p>\n

Filomeno S. Sta. Ana III, cofounder and coordinator at the Action for Economic Reforms, said that better tax administration is not enough to fund the government\u2019s def<\/span>icit.<\/p>\n

\u201cThe challenge that the government faces is to unwind the de<\/span>f<\/span>icit resulting from the heavy borrowing during the pandemic, and at the same time, it has to sustain high investments in social development, infrastructure, and green energy,\u201d he said in a Viber message.<\/span><\/p>\n

\u201cIn this context, careless and wasteful spending is a no-no, and the government is pressured to generate new revenues. Tax administration, with recent economic episodes as a guide, is insufficient,\u201d he said in a Viber message.<\/p>\n

For 2025, the NG set a def<\/span>icit ceiling of P1.54 trillion or equivalent to 5.3% of gross domestic product.<\/p>\n

BORROWINGS
\n<\/b>Meanwhile, Mr. Recto said the borrowing mix for 2025 was raised in favor of domestic sources to minimize foreign exchange risk.<\/p>\n

Next year\u2019s borrowing program is set at P2.55 trillion, 0.97% lower than P2.57 trillion this year. Broken down, 80% will come from domestic sources with the remaining 20% from external sources. The government previously adopted a 75-25 borrowing mix.<\/p>\n

Mr. Recto said the department is also aiming to secure its borrowings at the \u201clowest possible cost\u201d and will opt for longer-term tenors, depending on the rates.<\/span><\/p>\n

\u201cDomestic borrowing can also be a sign of con<\/span>f<\/span>idence in the local economy and may stimulate growth if the funds are used for productive investments that improve infrastructure and public services,\u201d Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said in a Viber chat. <\/span><\/p>\n

Mr. Recto said this won\u2019t likely weaken output and consumption, with interest rates expected to go down. \u2014 Beatriz Marie D. Cruz<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE GOVERNMENT will only consider introducing new taxes if revenue collection falls short of target, the Department of Finance (DoF) said. \u201cIt\u2019s easy to pass a tax law. It\u2019s easy to do a tabletop revenue estimate. What\u2019s always harder is implementing the law and collecting the tax,\u201d Finance Secretary Ralph G. Recto told reporters on [\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":[14644,9272,4867,3461,177,880,14983,15255,8671,10952,11],"class_list":["post-20072","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-collection","tag-consider","tag-falls","tag-govt","tag-new","tag-recto","tag-revenue","tag-short","tag-taxes","tag-years"],"yoast_head":"\nGov\u2019t to consider new taxes if revenue collection falls short \u2014 Recto - 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\/govt-to-consider-new-taxes-if-revenue-collection-falls-short-recto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t to consider new taxes if revenue collection falls short \u2014 Recto - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE GOVERNMENT will only consider introducing new taxes if revenue collection falls short of target, the Department of Finance (DoF) said. \u201cIt\u2019s easy to pass a tax law. 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