No new taxes
THE government has ruled out the imposition of new taxes, drawing cheers and praises from the public.
Despite this, the government’s priority projects are assured of funding for 2025, according to Economic Planning Secretary Arsenio Balisacan.
Note that the government’s priority programs are aimed at improving food security, infrastructure and the economic climate.
In a meeting at Malacanang, the executive and legislative branches of government agreed that there’s no need for new taxes.
President Marcos summoned his economic managers to a meeting with Senate President Francis “Chiz” Escudero and House Speaker Ferdinand Martin G. Romualdez.
The Congress leaders acknowledged that there’s a need to ensure that the administration’s programs in relation to the high priority projects are achieved.
We agree with Balisacan that the key to enhancing the country’s revenue is the improvement in the administration of tax laws.
Hopefully, the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) succeed in realizing their 2024 revenue collection targets.
The two agencies are the top tax collectors of the government.
In the view of many, the BIR and the BOC need the all-out support of all sectors if they are to meet their assigned tax take.
