The implementation of the Comprehensive Tax Reform Program (CTRP) has allowed the government to rake in additional revenues amounting to P202.8 billion last year, Departmennt of Finance (DOF) Secretary Benjamin Diokno said.
“The total collection last year was 26.3 percent or P42.3 billion higher than the 2021 full year incremental revenue of P160.5 billion on the back of full economic recovery due to lifting of stringent quarantine measures,” Diokno said in a statement over the weekend.
Total collections from the TRAIN Law amounted to P216.5 billion in 2022, 27 percent or P45.5 billion higher than the 2021 collection of P171 billion.
Collections from Package 1B or the Tax Amnesty Law declined by P3.2 billion or 69.6 percent from P4.6 billion in 2021 to P1.4 billion in 2022.
Collections from Package 2+ or the Sin tax Laws amounted to P65.3 billion in 2022, 23 percent or P12.4 billion higher than the 2021 collection of P52.9 billion.
Revenue losses from the CREATE law reached P80.4 billion in 2022, an increase of 18 percent or P12.4 billion from the actual impact in 2021 of P68 billion.
“The major gains in 2022 were seen in the imported petroleum excise tax, sweetened beverage excise tax, documentary stamp tax, and sin taxes on
tobacco and alcohol. These amounted to P272.3 billion in total,” Diokno said.