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The Department of Finance is eyeing an integrated system for pre-border verification and invoicing to reduce smuggling and misdeclarations
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The plan, in collaboration with the Office of Special Assistant to the President for Investment and Economic Affairs, is part of a slew of measures which Finance Secretary Ralph Recto is endorsing
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The measures include pushing for easing of tax processes and eliminating trade barriers impacting supply chains but not the imposition of new taxes
Finance Secretary Ralph Recto is eyeing a pre-border verification system in order to reduce smuggling and misdeclarations.
The plan, in collaboration with the Office of Special Assistant to the President for Investment and Economic Affairs, is part of a slew of measures which the new finance chief is endorsing.
The measures include pushing for easing of tax processes and eliminating trade barriers impacting supply chains but not the imposition of new taxes.
“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 said in his first briefing at the Department of Finance.
Recto explained he is not pushing for the proposed excise levies on sweet drinks and junk food as part of tax reforms, noting a bill was not prepared by either the House of Representatives or the executive department during the time of his predecessor, Benjamin Diokno.
The finance chief, however, said he would support proposals to collect excise taxes on single-use plastics and value-added tax on digital service providers since “they’re minimal.”
Recto urged collaboration between the Bureau of Customs (BOC) and Bureau of Internal Revenue (BIR) to achieve the government’s P4.3-trillion revenue target for 2024.
The Development Budget Coordination Committee’s fiscal program set this goal, with tax revenues of P3.05 trillion expected from BIR and nearly P1 trillion from BOC.
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Recto directed both agencies to focus on optimizing performance through “creativity, transparency, and efficiency in tax and customs administration.”
He instructed BIR to swiftly implement the Ease of Paying Taxes Act, ensuring prompt and efficient taxpayer service.
For BOC, Recto emphasized efforts to enhance trade facilitation, strengthen border control, and combat smuggling.
He called for an end to corruption and encouraged digitalization initiatives and innovation for modern and effective governance.
