Senator Sherwin Gatchalian has expressed concern over the widespread smuggling and illicit trade of excisable products, including cigarettes and vapes, warning this could lead to peace and order issues. Aside from this, Gatchalian also said such activities erode the country’s revenue...
Taxes to protect and fund universal health care (UHC)—such as those slapped on so-called "sin" products like cigarettes, alcoholic drinks, and sweets—still have room for further increases, according to a global task force. "Health taxes continue to be underutilized despite the...
Senator Sherwin Gatchalian has urged the Senate to look into the alleged smuggling of two Bugatti Chiron sports cars into the Philippines “with an end view of abating the outright smuggling of luxury cars” in the country through legislation. Subject of Gatchalian’s resolution is...
Albay 2nd district Rep. Joey Salceda (left), Marikina City 2nd district Rep. Stella Quimbo (Rep. Salceda's office) The top economists in the House of Representatives have aired their concerns over the proposal to suspend excise tax on fuel as a remedy to the...
Senate Minority Leader Aquilino “Koko” Pimentel III said that he is open to proposals of suspending the excise tax on imported oil and bio-ethanol as an immediate measure to bring down the fuel prices in the country. “The suspension of the excise tax could offer a temporary respite and serve...
The province of Ilocos Sur will get the biggest share from the proceeds of the RA 7171 Virginia tobacco excise tax fund in Fiscal Year 2020 while the province of Isabela will receive the highest share from the Burley and Native tobacco excise tax fund pursuant to RA 8240. In the Local Budget...
Illicit cigarette trade in the country worsened amid the pandemic, allowing smugglers to amass huge profits and depriving the government of much needed tax revenues. At the recent Anti-Illicit Trade Conference “Plugging Revenue Leakage by Curbing Illicit Tobacco Trade,” authorities reported...
The Bureau of Internal Revenue (BIR) has issued its guidelines for the implementation of the Vape Law that also set the floor price for heated, vapor, and other tobacco products. On Thursday, Nov. 17, the BIR published Revenue Regulations No. 14-2022, which serves as its implementing rules and...
The House of Representatives on Monday afternoon, Nov. 14 approved on third and final reading a bill seeking to impose a P100 excise tax on single-use plastic bags, which have long been said to be a major cause of environmental pollution. (Unsplash) Also known as House Bill (HB) No.4102, the...
Senator Grace Poe has refiled her bill seeking to provide for the automatic suspension of excise tax on gasoline and diesel. The suspension will take effect when the average Dubai crude oil price based on the Mean of Platts Singapore (MOPs) exceeds $80 per barrel over a three-month period. Earlier,...
The Department of Finance (DOF) maintained that the government should continue the more targeted approach of fuel subsidy as it warns against bowing to pressure to suspend excise taxes on petroleum. As the incoming Marcos administration is coming under pressure from several parties to implement a...
