Cars to cost P500K more with tax reform

A new car would cost around P500,000 more if the proposed tax reform of the Duterte administration was passed into law, Camarines Sur Rep. Rolando Andaya warned on Monday.

Andaya, one of the House Deputy Speakers, was referring to a provision of the tax reform program that imposes an excise tax of 40 percent of the net manufacturing importation price for cars priced over P1.1 million to P2.1 million--up from the existing excise tax rate of P112,00 plus the value in excess of P1.1 million for the bracket.