Tiziana Celine Piatos and Kathryn Jose

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Photograph courtesy of Department of Finance ‘There are no plans of imposing additional taxes,’ Department of Finance Secretary Ralph Recto said on Wednesday, 25 January 2024. ‘I think our first job is to collect what is on the table. The fine-tuning will be on what is fair, and easy to collect. We want to be practical.’ Besides, he stressed, ‘When you impose new taxes that is also inflationary. So, I don't think now is the time to impose very high taxes.’

No new taxes this year — DoF

Existing tax proposals instead will be refined to increase government revenues while helping the economy grow through robust business activities

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