THE PHILIPPINES should consider revamping the taxation of passenger vehicles to take into consideration their impact on the environment, the International Monetary Fund (IMF) said.
MOTORISTS drive through an intersection in Cubao, Quezon City, Aug. 2. — PHILIPPINE STAR/ MIGUEL DE GUZMANsider revamping the taxation of passenger vehicles to take into consideration their impact on the environment, the International Monetary Fund said.
The Philippines should conduct an assessment of the revenue impact of this policy change before implementation, it said. Under TRAIN, automobile taxes were adjusted based on the net manufacturing or importer’s price. The tax rate is 4% of the manufacturing or importer’s price for automobiles worth up to P600,000; 10% for automobiles with more than P600,000 but below P1 million; 20% for automobiles above P1 million but below P4 million; and 50% for automobiles above P4 million.
The removal of the excise tax exemption on pickup trucks is projected to generate P52.6 billion worth of additional revenues from 2022 to 2026, according to the Finance department. “The measures include those related to VAT base broadening, upward adjustment of traditional excises, and potential plans to adopt carbon taxation,” it said.
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