MANILA, Philippines — The estimated P50-billion revenue loss from President Ferdinand R. Marcos Jr.’s proposed tax relief package for Filipino workers can be fully offset through higher taxes on vape products, tobacco, sugar-sweetened beverages and single-use plastics. Rep. Romero “Miro” Quimbo, chairman of the House ways and means committee, announced the estimate on Tuesday during a press conference. According to Quimbo, the Department of Finance estimates that raising the income tax exemption threshold to P350,000 annually, along with increasing the tax-exempt ceiling for 13th-month pay and other bonuses, will reduce government revenues by about P50 billion. READ: Gov’t eyes tax […]...Keep on reading: Higher vape taxes, green levies to offset P50-B tax relief cost – R. Quimbo