The Department of Finance (DOF) is proposing to implement new taxes, including VAT on digital service providers and cryptocurrencies to help pay the country's increasing debt which has hit a record of PHP 12.68 trillion in March. In a report by ABS-CBN, the DOF has revealed its "Proposed fiscal consolidation and resource mobilization plan" which aims to generate an average of at least PHP 349.3 billion in new revenues from 2023 to 2027. The DOF also plans to tax cryptocurrencies, although details are not yet provided. The DOF also proposed deferment of the personal income tax reduction that was initially scheduled in 2023. Read more in our articles including "DOF eyes new taxes, VAT on digital service providers, cryptocurrencies" and "Microsoft extends Windows 10 lifespan for another year... again".
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Jun 26, 2026The Department of Finance (DOF) is proposing to implement new taxes, including VAT on digital service providers and cryptocurrencies to help pay the country's increasing debt which has hit a record of PHP 12.68 trillion in March. In a report by ABS-CBN, the DOF has revealed its "Proposed fiscal consolidation and resource mobilization plan" which aims to generate an average of at least PHP 349.3 billion in new revenues from 2023 to 2027.
The DOF also plans to tax cryptocurrencies, although details are not yet provided. The DOF also proposed deferment of the personal income tax reduction that was initially scheduled in 2023.
Our coverage of DOF tax 2023 includes: "DOF eyes new taxes, VAT on digital service providers, cryptocurrencies"; "Microsoft extends Windows 10 lifespan for another year... again"; "Fujifilm Instax Share SP-1 to hit stores in February". Each article provides unique insights and information.