The Marcos administration aims to expand tax coverage in the medium term, according to the recently released 2023-2028 Philippine Development Plan (PDP).
THE Marcos administration aims to expand tax coverage in the medium term, according to the recently released 2023-2028 Philippine Development Plan .
“All individuals registered with government corporations, such as [the] Philippine Health Insurance Corp. [PhilHealth] and Social Security System [SSS], can be part of the Bureau of Internal Revenue [BIR] database,” the PDP continued. “Different forms of income, such as dividends, royalties, capital gains from stock transactions and interest income, are subject to different tax rates. Neutral taxation of all capital income can minimize avoidance and progressively strengthen revenue mobilization,” the PDP stated.
The government will also consider the inclusion in the list of non-essential goods to be slapped with an excise tax on other motor vehicles, such as motorcycles and pick-up trucks. The administration said the taxation of insurance services, such as pre-need, pension, life and health maintenance organization insurance, will be made uniform at 2 percent of the premium.
“The amount of user charges will then be reviewed to ensure that citizens properly value the services the government provides and that the government can at least recover production and delivery costs,” the PDP said.
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