THE Department of Finance (DOF) is leaving the door ajar for other wealth tax recommendations, beyond those already proposed under its Progress Bill, to scour for more sources of revenue.
Stepping out of a plenary deliberation at the House of Representatives last week, Finance Undersecretary Karlo Fermin S. Adriano told reporters that the DOF is open to hearing other wealth tax proposals as it conducts various stakeholder engagements to solicit inputs.
‘If they can think of any other wealth tax that we can consider, why not?’ Adriano said.
As of the moment, the DOF has put forward raising the non-essential goods tax to 25 percent from 20 percent. (See: https://businessmirror.com.ph/2026/09/02/mvuc-rate-hike-wider-excise-tax-scope-eyed/).
Private aircraft, including planes, jets and helicopters, as well as recreational vessels such as jet skis, speedboats, sailboats and motorboats, are also being eyed for inclusion among taxable non-essential goods.
The DOF likewise wants to add a new tier in the existing excise tax rates on automobiles by imposing a 75-percent tax rate on vehicles with a net importer’s/manufacturer’s price of P8 million and above.
These propositions are part of the DOF’s Promoting Growth, Revenue, and Equity towards Socio-Economic Sustainability (Progress) Bill, which seeks to provide tax relief while strengthening the government’s revenue capacity.
As for the stakeholders’ proposal of wealth taxes, Adriano said the DOF’s main criterion is whether the tax can actually be implemented.
The finance department has considered expanding the list of non-essential goods to be taxed and previously thought of imposing taxes on luxury watches, designer bags and paintings.
The DOF has yet to determine the revenue impact of its proposal to increase excise taxes on non-essential goods and automobiles.
Another form of a wealth tax suggested by the DOF is a 15-percent Global Minimum Tax on large multinational enterprise groups to ensure that the Philippines collects its fair share of taxes on income earned in the country.
This measure is estimated to yield an average of P24.4 billion in revenues annually, according to the DOF.
In the coming weeks, the DOF will bring consultations to different parts of the country to engage with stakeholders and ensure that various opinions are incorporated into the policy-making process.
The inputs gathered from the nationwide consultations will be consolidated and considered in refining the Progress Bill.
‘We’re open naman, that’s why we’re doing all this stakeholder engagement to get all comments, and to be able to consider all the options,’ Adriano said.
The proposed taxes under the Progress Bill, including higher excise taxes on e-cigarettes, sweetened beverages and alcohol, are seen to raise P129.68 billion on average.
This will offset foregone revenues from the DOF’s plan of increasing the annual personal income tax exemption threshold from P250,000 to P350,000, as well as exempting micro and small enterprises from the minimum corporate income tax.