In a statement, Deputy Speaker Benny Abante said aside from increasing the tax on tobacco and alcoholic products, the government can also do the same to sweetened beverages to earn more funds.
Abante said based on Department of Finance data, the government was able to collect P227.6 billion from the Sin Tax even in the midst of COVID-19 pandemic.
He said the collection is higher than their P201.5 billion target of the previous year.
Abante said based on the projection of the National Economic Development Authority, the government can collect P332.3 billion if the sweetened beverages and electronic cigarettes are included in Sin Tax.
The deputy House speaker said even if he considers the importance of the collection of fuel excise tax for government’s expenditure, he however sees the need to suspend it due to fuel price increases that also affect the basic commodities and services.
Facebook Conversations