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Dealers of luxury vehicles in the Philippines are currently struggling with a problem. It’s not exactly a crisis—at least, not yet—but it is testing the mettle and abilities of their local managers just the same. That’s because the local market for high-end automobiles and sport utility vehicles has experienced a surge in demand from Filipino […]
The government’s tax reform package passed a major hurdle when the ways and means committee of the House of Representatives voted on Wednesday to approve a version of the measure that could make auto makers heave a sigh of relief. The committee, chaired by Quirino Rep. Dakila Cua, voted 17-3, with four abstentions, to pass […]
The increase in the excise tax is a certainty as far as many people in government and the auto industry are concerned. It’s only a matter of how much, and when.
Manila-based multilateral lender Asian Development Bank (ADB) has expressed support for the government’s plan to hike excise taxes on oil products and vehicles that Finance Secretary Carlos G. Dominguez III had said would not hurt the auto industry’s sales growth. During a recent meeting between Dominguez and ADB president Takehiko Nakao, the latter was quoted […]
The Bureau of Customs is backing up the Department of Finance’s proposal to restructure the excise tax system for brand new vehicles under its first tax reform package. In a statement, the BOC said it was fully supporting House Bill No. 4774, which contained the DOF’s proposal to lower personal income taxes, broaden the value-added […]
Finance Secretary Carlos Dominguez III on Monday assured lawmakers that the increase in automobile excise taxes would not affect the sales of cars in the country. Dominguez attended the ways and means committee hearing at the House of Representatives to allay lawmakers’ fear that the increase of automobile excise tax under the Department of Finance’s tax package […]
Last Monday, the House Ways and Means Committee held its third deliberation on the comprehensive tax reform package.
The proposed House Bill (HB) No. 4774, the “Tax Reform for Acceleration and Inclusion Act,” is now pending in Congress. Once approved, the bill will be transmitted to the Senate.