Excise on cigarettes now law
Credit to Author: clopez| Date: Thu, 25 Jul 2019 21:14:03 +0000
President Duterte has signed into law a measure hiking the excise rates on tobacco products, Malacañang confirmed on Thursday.
Executive Secretary Salvador Medialdea said the President signed the law “to address the urgent need to protect the right to health of the Filipino people and to maintain a broader fiscal space to support the implementation of the Universal Health Care Act.”
In June, the Senate passed on third and final reading Senate Bill No. 2233, which proposed a starting tax rate of P45 in 2020 on cigarettes.
The excise on cigarette products is presently at P35.
The House of Representatives adopted the Senate version to dispense with the bicameral conference committee.
This would be followed by a series of yearly P5-increases until the rate reaches P60 in 2023.
The new law also places a P10-tax for every 10 milliliters of vaping liquids.
The increase in excise is expected to raise revenues of P15 billion next year and P140 billion in 2023.