- The Department of Finance (DOF) denied any plans to increase VAT from 12% to 15% by 2026, calling such reports “fake news.”
- The DOF assured that no new or additional taxes will be imposed on taxpayers.
- The agency stated that the Bureau of Internal Revenue and Bureau of Customs can raise funds through improved enforcement and digitalization.
- The DOF is increasing non-tax revenues via higher dividends from government corporations and privatization of assets.
- The DOF urged public officials to avoid spreading misinformation and confirmed that government funds are sufficient to support key national programs.
Source: manilastandard.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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