BOC tightens implementation of new tax rates due to TRAIN 2, Sin Tax Law
Credit to Author: eestopace| Date: Thu, 10 Jan 2019 11:50:51 +0000
MANILA, Philippines — The Bureau of Customs (BOC) on Thursday reminded its district collectors to “tighten” the implementation of new tax rates as mandated in the sin tax law and second tranche of the tax reform program.
Customs Commissioner Rey Leonardo Guerrero and BOC Management Information System and Technology Group Jeffrey Ian Dy issued a memorandum to district collectors and others concerned on the updated excise tax rates.
Guerrero also told district collectors to be vigilant of all forms of oil smuggling and monitor borders to prevent possible entry of illegal oil shipments.
On Wednesday, President Rodrigo Duterte approved the proposal of the Department of Health and the Department of Finance to increase the excise tax on alcohol and tobacco products.
Presidential Spokesperson Salvador Panelo said the measure allow the government to “reduce deaths and disabilities due to tobacco and alcohol consumption.” At the same time, it is also a revenue measure to fund the universal health care program.
READ: Duterte OKs proposal to increase excise tax on alcohol, cigarettes
Duterte also approved the the second round of fuel tax increases, which will begin this month.
Under the Tax Reform for Acceleration and Inclusion (TRAIN) Act, an additional levy of P2.24 per liter whould be imposed for diesel and gasoline starting January 1. The additional duty consists of P2 excise tax and 24 centavos value-added tax (VAT). /ee
READ: Duterte approves 2nd round of fuel excise tax hike in 2019