Gov’t eyes taxes on digital transactions

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CDNTopStories: With the government expecting to spend trillions more than it earns over the next two years, the country’s economic managers are studying ways to raise more funds, including getting their hands in our digital wallets.

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According to projections of the Department of Budget and Management , the government’s budget deficit will likely balloon to P1.563 trillion this year, P1.429 trillion next year, and P1.181 trillion in 2022, from P660.2 billion last year.

“Having a clear and efficient tax regime for the digital economy will be critical,” said Finance Secretary Carlos Dominguez III. “More and more taxable transactions shift from traditional means of doing business to more virtual avenues, a trend accelerated by COVID-19.” Last week, Albay Rep. Joey Salceda filed a bill seeking to tax video and music streaming, online shopping sites as well as advertisements on social media.

“We are studying how the bill will fit in our tax administration system, and which enhancements in our revenue regulations would be necessary should the bill pass into law,” he added. NEDA also agreed that turning to the digital economy would be the way to go and proposed new investments to improve the country’s digital infrastructure.

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Why the silence on what the Supreme Court had declared as 'ill-gotten wealth'? It belongs to the people who badly needs it now.

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