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DOF opposes move to remove VAT from fuel

The Department of Finance (DOF) is opposing a bill at the Senate that aims to make fuel cheaper by removing the value added tax (VAT) on petroleum products. Senator Aquilino “Kiko” Pimentel filed in January Senate Bill No. 2163, which DOF noted would essentially be a “tax break” for those who have cars. The proposed […]

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Palace: It’s a go for fuel tax hike

Malacañang is supporting the decision of government economic managers to push through with the second round of fuel tax increases next month. Presidential spokesperson Salvador Panelo said the economic managers had their reasons for withdrawing their initial recommendation to suspend the fuel tax increase amid rising inflation. “I’m sure they have basis to make that […]

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As global oil prices drop, gov’t reviews temporary excise tax halt

CLARK – Amid declining global prices, the government is reviewing the temporary suspension of the scheduled hike in oil excise taxes early next year even as it was already green-lighted by President Rodrigo Duterte, Finance Secretary Carlos G. Dominguez III said Monday. “We are currently again reviewing it. This is a totally unexpected development, although […]

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Gov’t ready to suspend excise tax on fuels

The government is set to suspend the excise taxes on fuels in case global oil prices average above $80 a barrel for three straight months. An interagency committee would issue in the next few weeks the guidelines on the suspension in case a provision in the Tax Reform for Acceleration and Inclusion (TRAIN) Act is […]

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Rules on auto tax hike out

The Bureau of Internal Revenue has issued the guidelines for the increase in the excise taxes on minerals, cigarettes, vehicles, and in the documentary stamp tax rates under the Tax Reform for Acceleration and Inclusion (TRAIN) act. The four revenue regulations (RR) signed by Finance Secretary Carlos G. Dominguez III and Internal Revenue Commissioner Caesar […]

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Toyota exec disappointed at higher excise taxes for locally produced cars

Market leader Toyota Motor Philippines Corp. (TMP) is disappointed that even locally produced cars would be slapped with higher excise taxes, making the incentive under a flagship manufacturing program “meaningless.” TMP President Satoru Suzuki told reporters on Wednesday that the company may now find it hard to commit to its previous target under the CARS […]

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Congress raises tax on cars, fuel

Personal income tax of salary-earners has been lowered but the excise tax on a host of goods and services such as automobiles, tobacco, coal, oil products and cosmetic procedures, has been increased under the Tax Reform for Acceleration and Inclusion (TRAIN) bill that both chambers of Congress are set to ratify today. On Monday, the […]

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Senate approves two-tier tax rate for cars

The Senate voted 17-1 to approve the Tax Reform Acceleration and Inclusion (TRAIN) bill, with Sen. Risa Hontiveros being the lone dissenter. The TRAIN bill imposes a two-tier tax scheme on automobiles— 10 percent on price of cars valued up to P1 million and 20 percent for those valued over P1 million. About 6.8 million […]

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DOF: Fuel marking to generate P20-billion additional revenues

The fuel marking system to be implemented early next year as part of the first tax reform package will generate P20 billion in additional revenues for the government and combat oil smuggling, Department of Finance officials said. Commissioner Isidro S. Lapeña told reporters recently that the DOF-attached Bureau of Customs had already created a technical […]

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Senate version sets higher excise taxes on cars

The latest Senate version of the first comprehensive tax reform package is proposing that the excise tax on cars would have a higher rate next year from what was passed in the Lower House last May, a move which raises prices beyond the comforts of the automobile industry. Senate Bill (SB) 1592, which is supported […]

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Feb 20, 2019

A few years ago, I had the chance to visit Nissan’s all-new factory worth $360 million in Samut Prakarn,

Feb 20, 2019

We tend to be asked this question in particular about specific vintage cars or the more modern Porsche GT

Feb 13, 2019

You've been there. You forgot to buy some sprinkles and frosting that your daughter needs for school tomorrow, or

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