The government collected P202.8 billion in additional revenues in 2022 with the implementation of the Comprehensive Tax Reform Program, Finance Secretary Benjamin Diokno said over the weekend.
The figure was 26.3 percent or P42.3 billion higher than the 2021 full year incremental revenue of P160.5 billion.
Diokno said the increase in 2022 collections was driven by the “full economic recovery due to lifting of stringent quarantine measures.”
Total collections from the Tax Reform for Acceleration and Inclusion Law amounted to P216.5 billion in 2022, 27 percent or P45.5 billion higher than the 2021 collection of P171.0 billion.
Collections from Package 1B or the Tax Amnesty Law declined by P3.2 billion or 69.6 percent from P4.6 in 2021 to P1.4 billion in 2022. Collections from Package 2+ or the Sin tax Law 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 Corporate Recovery and Tax Incentives for Enterprises or CREATE law reached P80.4 billion in 2022, an increase of 18 percent or P12.4 billion from the actual impact in 2021 of P68.0 billion.
