{"id":302668,"date":"2012-11-06T17:52:08","date_gmt":"2012-11-06T09:52:08","guid":{"rendered":"https:\/\/newsinfo.inquirer.net\/?p=302668"},"modified":"2012-11-06T17:52:08","modified_gmt":"2012-11-06T09:52:08","slug":"senators-debate-drilons-substitute-sin-tax-bill","status":"publish","type":"post","link":"https:\/\/newsinfo.inquirer.net\/302668\/senators-debate-drilons-substitute-sin-tax-bill","title":{"rendered":"Senators debate Drilon\u2019s substitute sin tax bill"},"content":{"rendered":"
\"\"<\/a>

Senate of the Philippines. INQUIRER FILE PHOTO\/JESS YUSON<\/p><\/div>\n

MANILA, Philippines \u2013 Senators finally started plenary debates\u00a0on Tuesday on a substitute bill that seeks to generate between P40 billion and P45 billion from alcohol and\u00a0tobacco.<\/p>\n\n

The substitute\u00a0bill was introduced on the\u00a0floor by Senator Franklin Drilon, acting chairman of the Senate\u00a0 committee on ways and means,\u00a0 after \u00a0a caucus\u00a0 held before the\u00a0 session.<\/p>\n\n

\u201cIn accordance with our caucus, may I move that the period of interpellation for Senate b Bill \u00a03299 be terminated and\u00a0 we be allowed to\u00a0file a substitute bill which will be the basis now of the\u00a0 questions on the period of interpellation,\u201d Drilon said.<\/p>\n\n

No one objected to Drilon\u2019s motion.<\/p>\n\n

The senator then proceeded and explained that the proposal would generate between P40 billion and P45 billion, higher than the original P15\u00a0billion to P20 billion proposal by the committee\u00a0 then being headed by Senator Ralph Recto.<\/p>\n\n

The new proposal was also higher than the P30 billion revenue target that the House of Representatives has approved, but lower than the\u00a0 P60-billion\u00a0original proposal of Malacanang.<\/p>\n\n

\u201cOur version adopts\u00a0that of the Lower House with the added feature that on January 1, 2016, all cigarettes will have a unitary tax rate of P32.00,\u201d Drilon said.<\/p>\n\n

\u201cFurther, the rates for the cigarettes packed by hand were changed from P7.56 to P12 on January 1, 2013; \u00a0P 22 on January 1, 2014;\u00a0 and P28 for January 1, 2015 to follow the lowest rate of the cigarettes packed by hand,\u201d he said.<\/p>\n\n

The incremental taxes from these amendments, Drilon said, should generate an estimated P26.87 billion on the first year.<\/p>\n\n

For fermented liquor or beer, Drilon said the bill\u00a0 provides for a two-tier system \u201cwith the products whose net retail price (NRP) do not exceed P22 taxed at P20. For those whose NRP exceeds P 22, the same shall be taxed at P25.\u201d<\/p>\n\n\n

Once in placed, Drilon said they expect to generate incremental revenues amounting to P12.5 billion.<\/p>\n\n

\u201cAll in all, we expect to generate between P40 billion and P 45 billion in incremental revenues on the first year when the reforms are set in place,\u201d Drilon said.<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"

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