THE House Committee on Ways and Means is eyeing at least P12.4 billion in annual revenues from the proposed expansion of the non-essential goods tax.
“I’m looking at a short list of additional items in this ‘Louis Vuitton Tax.’ Basically, the aim is to find some way to tax the rich consistent with the constitutional principle of progressivity in taxation. For now, my short list will generate P12.4 billion at least,” he said.“The tax on luxury cars, for example, will be on top of the automotive excise tax, which is arguably a pollution and congestion tax but not yet a luxury tax,” Salceda said.
The solon said he is looking at the possibility of power cost or labor cost subsidies for companies who can fully design and manufacture luxury bags and other “creative products” in the country. “Whatever is helpful in the meantime on the challenges that we’re facing, yes, it can be implemented; but it cannot be in perpetuity. There must be a timeline,” Barcelon told reporters on the sidelines of the press briefing of the Joint Venture Agreement between Inchcape Plc. and CATS Motors Inc. held in Taguig City last Wednesday.Point of debate
“But we will discuss which items can generate the most revenue for the least effort,” the lawmaker said.
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