January 18, 2017
A congressman filed a bill at the House of Representatives on tax reform on Tuesday which includes imposing a final tax of 20 percent on winnings from sweepstakes and lotto.
The bill, which was drafted by Rep. Dakila Carlo Cua of Quirino, chairman of the House ways and means committee and the Department of Finance aims to recover foregone revenue from the proposal lowering personal income tax.
The bill also proposes relaxing the Bank Secrecy Act, and imposition of excise taxes on petroleum, automobiles.
The bill provides for adjustment of the personal income tax (PIT) brackets to correct for income bracket creeping, reduction of the maximum rate to 25 percent over time, except for the highest income earners to maintain progressivity, and shift to a modified gross system to simplify the PIT system.
The bill said revenue losses from PIT reform will be compensated by increasing excise tax rates on all petroleum products to cope address concerns on congestion and pollution; restructuring and increasing the excise tax on automobiles; expanding the VAT base by limiting exemptions to raw food and other necessities; and reducing the estate and donors tax to six percent.
Under the bill, excise tax petroleum products will increase every year starting 2017 to 2019.
Leaded premium gasoline, per liter of volume capacity will rise from P5.35 to P7 in 2017, P9 in 2018 and P10 in 2019; unleaded premium gasoline, per liter of volume capacity, from P4.35 to P7 in 2017, P9 in 2018 and P10 in 2019.
Kerosene, per liter of volume capacity, from P0.00 to P3 in 2017, P5 in 2018 and P6 in 2019;
Diesel fuel oil, and on similar fuel oils having more or less the same generating power, per liter of volume capacity, from P0.00 to P3 in 2017, P5 in 2018 and P6 in 2019;
Liquefied petroleum gas, per liter, from P0.00 to P3 in 2017, P5 in 2018 and P6 in 2019. DMS
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