DOF presses tax reforms to cut budget deficit | Inquirer

DOF presses tax reforms to cut budget deficit

By: - Reporter /
/ 07:23 AM November 29, 2023

The Department of Finance urges President Ferdinand Marcos Jr. to prioritize several tax reforms in order to narrow the fiscal deficit. 

FILE PHOTO: Department of Finance (DOF) Secretary Benjamin Diokno. Photo from DOF

MANILA, Philippines — The Department of Finance (DOF) has urged President Ferdinand Marcos Jr. to prioritize several tax reforms to narrow the fiscal deficit.

In a Palace briefing on Tuesday, DOF Secretary Benjamin Diokno disclosed that he talked to Marcos in a sectoral briefing about the matter. He said the government does not want to borrow too heavily from abroad.

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“We ask the President to act on the following request, these are some tax measures – VAT (value added tax) on digital services; excise tax on single-use plastic – this is for climate change proposal,” Diokno said.

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This is VAT on digital services – this is based on fairness because if you buy from a brick-and-mortar store or regular store, you pay VAT, why don’t you just pay for the digital service?” he also pointed out, speaking in a mix of English and Filipino.

While Diokno advised against borrowing externally, he still emphasized that the country’s is good as it is the lowest among nations in Southeast Asia.

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TAGS: budget, Deficit, Department of Finance, Tax

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