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Manila Bulletin devider Business devider DOF vows no new taxes this year

DOF vows no new taxes this year

Published Jan 24, 2024 09:18 am

At A Glance

  • The government is not keen on imposing additional taxes this year and will instead temper tax hikes such as the proposed motor vehicles tax.<br>Finance Secretary Ralph Recto said that they will rely on the current imposed taxes to improve the revenues and from there will focus on "what is fairer, easy to collect, and practical."<br>He cited the increase in Motor Vehicle's User Charge (MVUC) or road users' tax, which he said will discourage motorists from registering their vehicles.

The Department of Finance (DOF) said it will not seek the imposition of additional taxes this year and will instead temper tax hikes such as the proposed motor vehicles tax.

“Frankly speaking, there are no plans of imposing additional new taxes. I think our first job is to collect what is on the table,” Finance Secretary Ralph Recto said in a briefing on Wednesday, Jan. 24.

He stated that they will rely on the current imposed taxes to improve the revenues and from there will focus on “what is fairer, what is easy to collect, and what is practical” amid the inflationary pressures.

One example, he said, is to temper the increase of Motor Vehicle’s User Charge (MVUC) or road users’ tax, which is a mandatory fee collected from vehicle owners to finance roads and address air pollution.

“We're tempering that proposal (MVUC) because I think that motorists pay a lot of taxes. There are excise taxes and VAT on oil. There are excise taxes, duties, and VAT [value-added tax] on vehicles,” the finance chief said.

“Today, 50 percent or thereabouts of vehicles are unregistered. And if you impose higher taxes, maybe more vehicles will not register, right?” he added

The DOF, under the administration of its former secretary Benjamin E. Diokno, pushed for raising taxes on motor vehicles through the Motor Vehicle Road User’s Tax (MVRUT).

This tax proposal is an amendment to the current MVUC, which charges motrists P120 to P4,000, depending on the motor vehicle’s gross weight.

Under the MVRUT proposal, which was already approved at the lower house,, the new rate will range from P2,080 to P10,400 for passenger cars, depending on the gross vehicle weight.

It also proposes that 45 percent of the incremental revenues from the taxes be allocated to finance the modernization of public utility vehicles.

Related Tags

new taxes ralph recto Department of Finance Finance Secretary
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