Proposed Tax Bill on Cars goes up to 60%
Abe Olandres, writing for Yugatech;
In other fronts, the House of Representatives are looking into reducing the volume of cars by increasing the Ad Valorem Tax. This is perhaps similar to what Singapore is doing to reduce sales of new cars.
The proposed bill will add the following tax brackets into sold cars at different price levels:
Php600,000 and below: 5% (+Php30,000)
Php600,000 – Php1,100,000: 20% (+Php120,000 – Php220,000)
Php1.1M – Php2.1M: 40% (Php440,000 – Php840,000)
Over Php2.1M: 60% (Php1.26M and higher)
The proposed bill will also be in favor of ride-sharing services like Uber, Grab and EasyTaxi.