Monday, May 29, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Money

Auto firms eye lower tax rate

Othel V. CamposbyOthel V. Campos
March 13, 2017, 9:34 pm
in Money
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

The local automotive industry asked the government to consider its proposal for a seven-tier tax system that will serve as a median between the current structure and the government initiative as contained in the tax reform program.

The Chamber of Automotive Manufacturers of the Philippines Inc. and the Association of Vehicle Importers and Distributors, raised serious concerns on the short- to long-term risks the automotive sector would face if the proposed legislation is approved

“The proposed increase in  excise tax on automobiles is too heavy. The motor vehicle industry will not be able to bear the resulting burden without having to pass on to consumers and therefore suffer from significant market loss,” the groups said in a position paper submitted to the Senate and House committees on ways and means.

The position paper attempted to show the benefits of the proposal to the government and the automotive industry.

The paper offered to increase the tier system from four to seven to include the segmentation of vehicular units.

The proposal also seeks to reduce the excise tax rates and ceiling on each bracket and provide stakeholders a lead time of at least six months from the date of the enactment to adjust to the new scheme.

Taxes for tier 1 vehicles or those with value of up to P600,000, based on the industry proposal of a 3 percent excise tax, which is 1 percent lower than the government’s 4 percent, will be increased to P18,000 from the current P12,000. This is also lower by P6,000 from the proposed P24,000 tax rate of the government proposal.

Those on Tier 2 or vehicles worth P600,000 to P1.1 million will be imposed a maximum of P168,000 tax, a median between the current maximum tax of P112,000 and the proposed P224,000 by the government.

For vehicles with value of over P1.1 million to P1.6 million or Tier 3 vehicles, the industry suggested a maximum tax of P368,000, while Tier 4 or vehicles worth P1.6 to P2.1 million would be slapped a maximum tax of P618,000, which is reasonable enough from the government’s proposed P1.22 million and higher than the current P512,000.

Vehicles of over P2.1 million to P2.6 million or Tier 5 can be subjected to a maximum of P1.018 million, while those over P2.6 million to P3.1 million or Tier 6 vehicles can be taxed by a maximum of P1.418 million.

The government proposal for Tier 5 and 6 carries a maximum excise tax of P2.24 million compared with the current excise tax of a maximum of P812,000.

Tier 7 vehicles, or those with value of P3.1 million and above, will be imposed a maximum tax of P1.14 million compared with the government’s P2.24 million and the current P812,000 maximum excise tax.

Tags: Association of Vehicle Importers and DistributorsChamber of Automotive Manufacturers of the Philippines Inc.local automotive industrytax ratetax reform program
ADVERTISEMENT
Othel V. Campos

Othel V. Campos

Related Posts

CTRP hiked tax collection by over P200b last year

byJulito G. Rada
May 28, 2023, 7:10 pm
0
8
New DOT secretary promotes inclusive and sustainable tourism

The government collected P202.8 billion in additional revenues in 2022 with the implementation of the Comprehensive Tax Reform Program, Finance...

Read more

Diokno: PH is ideal investment destination for European firms

byJulito G. Rada
May 26, 2023, 9:00 pm
0
8
Traditional sweet factory in central England enjoys global sugar rush

Finance Secretary Benjamin Diokno told European businessmen the Philippines is an ideal investment destination following the structural reforms implemented in...

Read more

DBP says net income jumped 17% to P1.23b in first quarter, vows to sustain growth trajectory

byManila Standard Business
May 26, 2023, 8:50 pm
0
8

State-owned Development Bank of the Philippines’ net income jumped 17 percent to P1.23 billion in the first three months from...

Read more

PH secures $130-m loan from JICA for MRT 3 rehab

byManila Standard Business
May 26, 2023, 8:45 pm
0
8
New DOT secretary promotes inclusive and sustainable tourism

Finance Secretary Benjamin Diokno signed on Friday the Metro Rail Transit Line 3 Rehabilitation Project loan agreement with Japan International...

Read more

Investment ‘scammers’ face life imprisonment

byJenniffer B. Austria
May 26, 2023, 8:35 pm
0
8
Investment ‘scammers’ face life imprisonment

The Securities and Exchange Commission said Friday it secured the conviction of investment scheme suspects involved in Tagum City-based Rigen...

Read more

April hot money posted $352-m net outflows

byJulito G. Rada
May 25, 2023, 7:35 pm
0
8
BSP readies big interest rate hike this month

Foreign portfolio investments or hot money posted net outflows of $352 million in April, a reversal from the $1.4-billion net...

Read more

Print Edition

View More

Recent Posts

  • FIRST METRO PHILIPPINE EQUITY EXCHANGE TRADED FUND, INC.: Notice of Annual Shareholders’ Meeting
  • FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.: Notice of Annual Shareholders’ Meeting
  • FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC.: Notice of Annual Shareholders’ Meeting
  • FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC.: Notice of Annual Shareholders’ Meeting
  • FIRST METRO SAVE AND LEARN BALANCED FUND, INC.: Notice of Annual Shareholders’ Meeting
  • FIRST METRO CONSUMER FUND, INC: Notice of Annual Shareholders’ Meeting
  • FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC.: Notice of Annual Shareholders’ Meeting
  • FIRST METRO SAVE AND LEARN EQUITY FUND, INC: Notice of Annual Shareholders’ Meeting

Advertisement

Latest News

FIRST METRO CONSUMER FUND, INC: Notice of Annual Shareholders’ Meeting

byManila Standard
May 29, 2023, 6:15 am
0
8
FIRST METRO CONSUMER FUND, INC: Notice of Annual Shareholders’ Meeting

Read more

FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC.: Notice of Annual Shareholders’ Meeting

byManila Standard
May 29, 2023, 6:10 am
0
8
FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC.: Notice of Annual Shareholders’ Meeting

Read more

FIRST METRO SAVE AND LEARN EQUITY FUND, INC: Notice of Annual Shareholders’ Meeting

byManila Standard
May 29, 2023, 6:05 am
0
8
FIRST METRO SAVE AND LEARN EQUITY FUND, INC: Notice of Annual Shareholders’ Meeting

Read more

FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC: Notice of Annual Shareholders’ Meeting

byManila Standard
May 29, 2023, 6:00 am
0
8
FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC: Notice of Annual Shareholders’ Meeting

Read more

‘Betty’ slows, NCR on ‘Bravo’

byCharles Dantesand1 others
May 29, 2023, 2:05 am
0
8
Flag Day Rite

Luzon feels ‘habagat’ winds; Metro Manila at moderate risk for flooding STORM WATCH. An officer of the Philippine Coast Guard...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App