DOF to tax 'fatty foods'

The Department of Finance (DOF) is now looking at increasing government revenues by imposing taxes on "fatty foods" similar to the excise tax on cigarettes and alcoholic beverages.

"We also plan to impose taxes on sugary and fatty foods, akin to sin taxes," Finance Secretary Carlos Dominguez III told Senators in a presentation on Tuesday.

Junk food and softdrinks are expected to be part "fatty foods" category.

Dominguez said the Finance Department is scheduled to submit before Congress the specific tax reforms it recommends.

In July, the DOF revealed plans to submit its proposed reforms to the Congress by September.

Among the reforms set to be proposed include the lowering of corporate tax, and the widening of the tax base.

According to Dominguez, tax collections reached P1.1 trillion during the first six months of the year, up by 1.4 percent from the same period in 2015.

For the full year of 2016, the government expects to collect P2.2 trillion. — Jon Viktor Cabuenas/VDS, GMA News