No new taxes
THE government is out to repair the local economy after the two-year paralyzing coronavirus disease (COVID -19) pandemic.
But it is reassuring to know that there’s no plan to impose new taxes as part of government efforts to revitalize the economy.
Coming from no less than the new secretary of the Department of Finance (DOF), the announcement is “good news” to the people.
Finance Secretary Ralph Recto’s announcement has given the Marcos government a much-needed boost in the eyes of the public.
Instead of coming up with new taxes, Recto, an economist, said the government would rather improve collection efficiency.
The plan, he said, is just to collect “what’s on the table” and not burden the people reeling from high prices of goods and services.
To meet the country’s 2024 revenue collection target of P4.3 trillion, Recto said the government would also pursue tax reforms.
Of the figure, the Bureau of Internal Revenue and the Bureau of Customs are tasked to collect P3.05 trillion and P1 trillion, respectively.
In the view of many, the decision not to impose new taxes is ample proof that the government is sensitive to public opinion.
Without doubt, the decision is a move in the right decision.
