DISCOUNTS offered by dealers for new Toyota models may be reduced once the proposed increase in automobile excise taxes is implemented as part of the Duterte administration’s tax reform agenda spearheaded by the Department of Finance (DOF).

Francisco Suarez, chief financial officer of conglomerate GT Capital Holdings Inc., parent of Toyota Motor Philippines Corp. (TMP), said during a briefing late Wednesday that the DOF’s proposed excise tax hike of 5 percent from the current 2 percent for automobiles will likely be absorbed by the discounts offered by Toyota dealers at present.

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