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Manila Bulletin devider Philippines devider National devider Proposed higher tax on luxury goods is 'reasonable', Marcos says

Proposed higher tax on luxury goods is 'reasonable', Marcos says

Published Feb 7, 2023 04:48 pm

President Ferdinand "Bongbong" Marcos Jr. has deemed "reasonable" the proposal to increase taxes on luxury goods from 20 percent to 25 percent.

President Ferdinand 'Bongbong' Marcos Jr. (Noel Pabalate)

"alagay ko naman (I think), it’s reasonable that we will tax the consumption side of those who are consuming luxury items," Marcos said in an interview on the sidelines of the national tax campaign kick-off event in Pasay City on Tuesday, Feb. 7.

The President stressed that the demand on luxury goods does not change given any situation, including the surging of prices, because its consumers could still afford it.

"Well, I think because right now the tax on luxury goods only covers very specific items. And luxury goods, as those who have put in some study on these know, hindi nagbabago ang demand niyan kahit anong sitwasyon (its demand does not change in whatever situation)," Marcos said.

"For the rest of us, who are not necessarily consumers of luxury goods ay ramdam natin kapag bumagsak ang ekonomiya, ngunit kung titingnan ninyo, yung mga luxury items, yung mga magagarang kotse, yung mga designer na damit at saka mga bag, lahat, hindi nagbabago ang presyo niyan dahil may kaya ang mga bumibili (we can still feel its impact to the economy, but if you would look into the luxury items, luxury cars, designer clothes, bags, their prices do not change because the consumers of these goods are those who can afford it)," Marcos further said.

Albay 2nd District Representative Joey Salceda is pushing for higher taxes on luxury goods on top of other taxes. He recently filed House Bill No. 6993 which seeks to amend the National Internal Revenue Code, increasing the tax of non-essential goods from 20 percent to 25 percent.

The measure, Salceda said, would help the government gain around P15-billion additional taxes.

Related Tags

Bongbong Marcos joey salceda tax 20723 LUXURY GOODS President Marcos
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