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Manila Bulletin devider Business devider DOF-backed bills forge ahead in Congress

DOF-backed bills forge ahead in Congress

Published Sep 23, 2023 04:28 am

At A Glance

  • The Department of Finance (DOF) supports measures on taxes for single-use plastics and rationalization of the mining fiscal regime. It also endorses the Legislative-Executive Development Advisory Council's (LEDAC) priority bills in Congress.<br>Last week, LEDAC added five more measures to the Common Legislative Agenda for the 19th Congress.<br>DOF now advocates for the passage of bills including PPP, RPVAR, EOPT, Automatic Income Classification of LGUs, Excise Tax on Single-Use Plastics (SUPs), and Rationalization of the Mining Fiscal Regime.

The Department of Finance (DOF) expressed its support for the inclusion of two proposed measures aimed at imposing taxes on single-use plastics and rationalizing the mining fiscal regime.

Finance Secretary Benjamin E. Diokno said the DOF endorses the recent advancements made by the Legislative-Executive Development Advisory Council (LEDAC) in prioritizing key bills in Congress.

Last week, the LEDAC included five additional measures in the Common Legislative Agenda for the 19th Congress.

"We are pleased to welcome the Excise Tax on Single-Use Plastics bill and the Rationalization of the Mining Fiscal Regime," said Diokno.

The DOF now pushes for the passage of the Public-Private Partnership (PPP) Bill, the Real Property Valuation and Assessment (RPVAR) Bill, and the Ease of Paying Taxes (EOPT) Bill.

Also included are the Automatic Income Classification of Local Government Units Bill, the Excise Tax on Single-Use Plastics (SUPs) Bill, and the Rationalization of the Mining Fiscal Regime Bill.

On Sept. 19, the Senate granted approval to the EOPT Bill, sponsored by Senator Win Gatchalian, during its second reading.

It will simplify tax filings for micro, small and medium enterprises (MSMEs), allow for the electronic filing of taxes, shift to an invoice system to accelerate value-added tax (VAT) refunds, and create a special division in the Bureau of Internal Revenue (BIR) for small and medium taxpayers.

The following day, on Sept. 20, the Senate granted approval to the PPP Bill during its second reading. Senator JV Ejercito sponsored the bill.

The PPP Bill aims to consolidate all existing legal frameworks and establish a unified system that investors can refer to when engaging in public-private partnership (PPP) projects.

"We are optimistic that the Senate will pass it on the third reading by Monday, September 25," Diokno said.

The government has already implemented several reforms to establish a stable and predictable policy environment for PPPs.

These include the revised implementing rules and regulations (IRR) of the Build-Operate-Transfer (BOT) Law, which enhance the financial viability and bankability of PPP projects.

Additionally, the improved Investment Coordination Committee (ICC) Guidelines on PPP approvals ensure faster processing and approval of PPPs. Furthermore, the enhanced National Economic and Development Authority (NEDA) Joint Venture (JV) Guidelines align with the revised BOT Law IRR and the proposed PPP Act.

Last Aug. 30, both Houses of Congress approved the bill regarding the Automatic Income Classification of Local Government Units (LGUs).

"When this bill becomes law, it will establish an income classification system that accurately reflects the financial capacity of provinces, cities, and municipalities," Diokno explained.

The bill proposing the imposition of an excise tax on single-use plastics (SUPs) has already passed the House of Representatives on its third reading and is currently awaiting approval in the Senate.

This measure is anticipated to reduce SUP usage by nearly 25% while generating approximately P6.5 billion in revenue in 2024, its first year of implementation.

Package 3, which is focused on enhancing investor confidence by adopting internationally recognized valuation standards and professionalizing real property valuation, is currently being reviewed in the Senate during its second reading.

Lastly, the bill regarding the Rationalization of the Mining Fiscal Regime, which aims to simplify the tax system for the extractives sector and enhance its competitiveness compared to other countries, has successfully passed its second reading in the lower House.

Related Tags

Department of Finance (DOF) LEDAC Finance Secretary Benjamin E. Diokno
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