DOF withdraws proposals for capital gains, donor's, and estate tax hikes

The Department of Finance (DOF) has withdrawn proposals to increase taxes on capital gains, donor's tax, and estate tax.

DOF Secretary Ralph Recto cited higher revenue collections in the first quarter as the reason for withdrawing the proposals.

He assured that the government is not seeking to impose new taxes due to its robust fiscal position and strong revenue performance.

The DOF will continue to explore and strengthen non-tax revenue sources to meet revenue targets.

In a letter to House Ways and Means Committee Chairperson Rep. Joey Salceda, Recto stated the DOF is no longer pushing for amendments to the Capital Markets Efficiency Promotion Act (CMEPA) related to these taxes.

Salceda's office provided a copy of the DOF's withdrawal letter to the media.