The incoming National Economic and Development Authority (NEDA) Secretary is looking for new sources of tax, one of which is from vehicles.
When asked about new taxes that may be introduced during the next president’s term, incoming NEDA Secretary Arsenio Balisacan said that it is indeed part of the fiscal consolidation to eventually come up with new sources of tax. In line with this, Balisacan specifically mentioned the imposition of new taxes on automotive products.
“For example, I don’t understand why luxury vehicles are taxed so low, even vehicles are taxed so low, compared to our neighbors,” he said.
“And I think that while we’re trying to address transport issues, public transport issues, that should be part of the solution rather than just building more skyways,” he further added.
The Department of Finance (DOF) also shares the same sentiments as that of Balicasan in that a tax increase should happen to avoid budget cuts.
Meanwhile, traffic problems have been mitigated by soaring fuel prices, according to the Metropolitan Manila Development Authority (MMDA). Since the start of the year, we’ve seen an increase of P30.00/liter for gasoline, P45.90/liter for diesel and P39.75/liter for kerosene. Unfortunately, further increases are expected for the months to come.
