The Finance Department on Tuesday said it may impose an excise tax on sweetened beverage to offset possible revenue losses from cut in the personal and corporate income taxes.
Finance spokesperson Paola Alvarez told reporters during a forum Finance would possibly push for the excise tax on sugar products.
“The one in the pipeline, the bill submitted by Congress… will depend on the sugar content. Right now the bill passed [by Congress] was only for softdrinks. But it still under consideration because we need to (consult)the other sectors involved in the sugar industry,” Alvarez said.
Finance has not determined yet the revenue collection from the proposal.
“We can’t peg a number because the study we are conducting is for a tax package. It may be a combination of either or [excise tax on fuel and softdrinks],” she added.