Pia Cayetano likely to adopt DOF version of higher taxes on liquor.
Senator Pia Cayetano said Wednesday that she would likely adopt the proposal of the Department of Finance (DOF) to raise excise taxes on liquor products, which is higher than those recently approved by Congress.
Cayetano chairs the Senate committee on ways and means, the panel in charge of tackling tax-related measures.
'I have not adopted anything yet but I have an open mind to go towards the version of the DOF,' Cayetano said during the Kapihan sa Manila Bay.
The House of Representatives on Tuesday passed on third and final reading House Bill No. 1026 which imposes higher taxes on liquors, wines, beers, heated tobacco, and vape products.
Under the bill, distilled spirits such as brandy, gin, and rum will be slapped a 22-percent ad valorem tax and a P30 specific tax per proof liter starting this year, which will increase by P5 annually until it reaches P45 in 2022. By 2022, the hike will be 7 percent each year.
But the DOF said it will only gain only about P17 billion, nearly half of the P33.5 billion under its proposal.
The DOF is seeking to increase sin taxes to help fund the government's programs under the universal health care law.
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|Publication:||Philippines Daily Inquirer (Makati City, Philippines)|
|Date:||Aug 21, 2019|
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