MANILA, Philippines — Are car prices going to double following the approval of a new law that restructures the rates on excise tax imposed on automobiles? The TRAIN law overhauls the country’s 20-year-old tax regime in a bid to make the tax system fairer and simpler. Under the TRAIN, personal income tax rates will be reduced while projected revenues to be foregone from lower personal income tax will be offset by higher excise levies on petroleum and automobiles, among others. In fact, the import price can be as low as 50 percent of retail price,” the DOF explained. According to Toyota Motor Philippines Corp. president Satoru Suzuki, the company is still studying how much would be the actual retail price of the Vios under the new excise tax rate, with the said model subject to the TRAIN’s higher 10 percent excise tax in 2018.

Source: Philippine Star December 21, 2017 08:48 UTC