The House Committee on Ways and Means on Wednesday passed on second reading a bill which seeks to increase the tax rates on alcoholic products.
The panel, chaired by Albay 2nd District Representative Jose Maria S. Salceda, approved House Bill 1026 Tuesday, which now includes provisions to impose higher duties on heated tobacco and vaping products, including nicotine salt and conventional freebase or classic nicotine. The proposed act proposes a 22-percent excise tax on the net retail price of the alcoholic beverage and a specific tax of P35 per proof liter starting January 1, 2020, with an annual 7-percent increase in subsequent years starting 2023.
If passed, the tax per proof liter will be higher by ₱40 in 2021, while tobacco products by ₱45 per 20-unit pack beginning January 1, 2020, with ₱5 increments annually. By 2024, the measure proposes to levy a 5-percent tax increase each succeeding year. Meanwhile, vaping products will be taxed 30 pesos per milliliter or a fraction thereof next year. By 2023, the amount may reach ₱45, followed by an annual 5-percent tax hike beginning 2024.
This is how we test the price elasticity of alcohol demand. 😜
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House Bill seeks to authorize city, municipal mayors to approve extraction, quarrying permitsNegros Oriental Rep. Jocelyn S. Limkaichong is proposing to empower the city and municipal mayors to issue permits to extract sand, gravel and other quarry resources. Binabaha na nga tayo tapos mag babawasan nyo pa ang mga bato na sumusuporta sa kalupaan natin? Mga gago ba kayo? It will be abused!
Source: manilabulletin - 🏆 25. / 51 Read more »
House panel sends bill seeking to raise excise tax on alcohol products for plenary deliberationThe House Committee on Ways and Means
Source: manilabulletin - 🏆 25. / 51 Read more »
House reps from provincial districts score MMDA bus ban plan for being ‘anti-probinsyano’Why are you discriminating against provincial buses? Provincial representatives asked this Tuesday as they lament the plan of the Metropolitan Manila Development Authority (MMDA) to prohibit provincial buses from plying EDSA to ease the dreaded traffic on the national highway. Everybody knows that ever since..Buses from the Provinces ply in EDSA..It is very clear that provincial buses does not cause TRAFFIC. It is actually the volume of PRIVATE CARS plying in EDSA. MMDA refer please the new registered cars since 2001 up to the present and City Buses.
Source: manilabulletin - 🏆 25. / 51 Read more »
Buhay Rep. Atienza wants House resolution supporting war on drugsMANILA, Philippines - Buhay party-list Rep. Lito Atienza, a known pro-life advocate, wants his more than 300 colleagues in the House of Representatives to join him in coming up with a resolution PathRoxasINQ Is that necessary? PathRoxasINQ And he is in Buhay partylist. Over politics kills principle. PathRoxasINQ Proof positive that a ”ProLife” is elastic and the party-list system in need of overhaul.
Source: inquirerdotnet - 🏆 3. / 86 Read more »
House panel OKs second tranche of tax reformThe House Ways and Means committee has approved the Corporate Income Tax and Incentives Reform bill, formerly known as the TRABAHO bill, which seeks to reduce corporate income tax rates and update the current fiscal incentives program.
Source: CNN Philippines - 🏆 13. / 63 Read more »
Another House bill seeks P50-billion reparation for Marawi siege victimsCOTABATO CITY – Another House bill proposing a larger sum representing reparation for damages wrought by the 2017 Marawi siege has been re-filed by Lanao del Sur (First District) Rep. Ansaruddin A. Adiong after the 17th Congress failed to act on it.
Source: manilabulletin - 🏆 25. / 51 Read more »