Gov’t collects more than P200B from tax reform

TheDepartment of Finance (DOF) said the implementation of the Comprehensive Tax Reform Program (CTRP) generated PHP202.8 billion additional revenues in 2022.

In a statement over the weekend, the DOF said the total collection last year was higher by 26.3 percent from PHP160.5 billion revenue in 2021.

Finance Secretary Benjamin Diokno said the higher collections was due to the “full economic recovery due to lifting of stringent quarantine measures” implemented at the height of the pandemic.

“The major gains in 2022 were seen in the imported petro- leum excise tax, sweetened beverage excise tax, documentary stamp tax, and sin taxes on tobacco and alcohol,” Diokno said.

DOF data showed that total collections from the Tax Reform for Acceleration and Inclusion Law amounted to PHP216.5 billion in 2022, up by 27 percent than the 2021 collection of PHP171 billion.

Collections from Package 1B or the Tax Amnesty Law went down by 69.6 percent from

PHP4.6 billion in 2021 to PHP1.4 billion last year.

Total collections from Package 2+ or the Sin Tax Laws meanwhile amounted to PHP65.3 billion, 23 percent higher than the 2021 collection of PHP52.9 billion.

Revenue losses from the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law reached PHP80.4 billion in 2022, up by 18 percent or PHP12.4 billion from the actual impact in 2021 of PHP68 billion.

In a separate statement, the DOF meanwhile said that the proposed tax revenue measures