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Recto: No new tax on junk food, sweetened drinks
The Philippine Star
|January 25, 2024
Finance Secretary Ralph Recto is not inclined to impose additional consumption-based taxes such as on junk food and sweetened beverages as these measures can be inflationary, while the debt level remains manageable and does not warrant extra burden on Filipinos.
In his first briefing as head of the Department of Finance (DOF) and the economic team yesterday, Recto said he would refine and tweak pending tax proposals initiated by his predecessor, now Monetary Board member Benjamin Diokno.
What is certain, however, is that Recto will not push for consumption-based taxes especially on junk food and salty food, as well as the higher levy on sweetened beverages.
“These proposals were already scrapped and I don’t intend to put them back. These are not being considered,” Recto said.
“As to imposing new taxes, frankly speaking, there are no plans of imposing additional new taxes. I think our first job is to collect what is on the table,” he added.
This story is from the January 25, 2024 edition of The Philippine Star.
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