Bill On Higher ‘Sin’ Taxes Ratified

Bill On Higher ‘Sin’ Taxes Ratified

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The proposal seeks to amend the Republic Act No. 8424 or the “National Internal Revenue Code of 1997”. This is part of the Package 2+ of the Comprehensive Tax Reform Program.

Once ratified by both Houses, the bill will be sent to Malacañang for President Rodrigo Duterte’s signature.

The reconciled version proposes that distilled spirits shall have an ad valorem rate of 22 percent of the retail price, as well as an additional specific tax of PHP42 per proof liter in 2020, PHP47 in 2021, PHP52 in 2022, PHP59 in 2023, and PHP66 in 2024. The specific tax shall be increased by 6 percent every year thereafter.

Meanwhile, still wines and sparkling wines shall have an excise tax of PHP50 and shall eventually be raised by 6 percent every year thereafter.

Fermented liquors shall be taxed with PHP35 per liter in 2020, PHP37 in 2021, PHP39 in 2022, PHP41 in 2023, and PHP43 in 2024. Also, the rates of tax imposed shall be increased by 7 percent every year afterward.

The measure stipulates that heated tobacco products shall be levied with an excise tax rate of PHP25 per pack in 2020, PHP27.50 in 2021, PHP30 in 2022, and PHP32.50 in 2023. The tax imposed shall increase by 5 percent each year after that.

While for vapor products, salt nicotine shall have an excise tax of PHP37 per milliliter in 2020, with an incremental increase of PHP5 thereafter until 2023. It shall be enlarged by 5 percent every year effective in 2024.

Revenues from these proposed taxes shall be earmarked as follows: 60 percent for the implementation of the Universal Health Care Law, 20 percent to the Health Facilities Enhancement Program, and 20 percent for the attainment of the sustainable development goals. (PNA)

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