DOF Denies VAT Hike, Urges Responsible Reporting Amid Revenue Collection Updates and Reforms

• The Department of Finance (DOF) denies plans to increase the 12% VAT to 15% in 2026, calling such reports false.
• DOF urges public officials to avoid spreading misinformation about tax hikes.
• The government aims to boost revenue through improved tax enforcement, digitalization, and increased non-tax revenues from GOCC dividends and asset privatization.
• Total government revenues as of September 2024 reached ₱3.37 trillion, up 2.2% from last year.
• Representative Barzaga filed a bill to scrap the existing VAT rate.

Source: mb.com.ph

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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