The Tax Reform for Acceleration and Inclusion (TRAIN) Bill seeks to increase excise taxes on fuel and new vehicles.
The House of Representatives of the Philippines has approved on third and final reading the administration’s tax reform package. The new piece of legislation, the Tax Reform for Acceleration and Inclusion (TRAIN) Bill (House Bill 5636) is centerpiece of the current administration. The House passed the HB 5636 on second and third readings in one session since President Rodrigo Duterte certified it as urgent.
TRAIN seeks to lower personal income tax (PIT) rates and will increase excise taxes on commodities such as automobiles.
>>> Read our article to further understand the influences of higher excise tax rates on Filipino automotive market
TRAIN seeks to lower personal income tax (PIT) rates and will increase excise taxes on commodities such as automobiles.
>>> Read our article to further understand the influences of higher excise tax rates on Filipino automotive market
The House passed the HB 5636 on second and third readings in one session since President Rodrigo Duterte certified it as urgent
In detail, the HB 5636 seeks to impose an excise tax per liter of refined petroleum products, as well as on cars, expect buses, cargo vans, jeepneys, trucks and special purpose vehicles.
Like House Bill 4774 that increases car prices of luxury vehicles, the HB 5636 will levy more excise taxes on these cars than the volume models.
>>> Click here if you are interested to know more about the plan to construct a tri-level pass in Mandaue City
TRAIN seeks to lower personal income tax (PIT) rates and will increase excise taxes on commodities such as automobiles
Under HB 5636, the first stage of the new tax rates will be effective from January 1, 2018, and the second stage will take effect on January 1, 2019.
The bill also raises excise tax on fuel, brand-new cars, and sugary drinks.
>>> View more: Urdaneta Western Bypass Road set for opening on December 2017
IMPACT OF EXCISE TAX HIKE ON CAR SALES
>>> Visiting the Clark Freeport Zone in Pampanga will become much easier, please click here to get more information
Recent posts
- kia philippines DHL parts availability Jan 26, 2021
- Kia PH July downpayment Nov 27, 2020
- 2020 Kia Picanto facelift debuts with chic look, more tech features Nov 27, 2020
