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Lawmakers say excise tax bill won’t benefit local tobacco producers

Thursday, June 28, 2012

Members of the progressive bloc in the House of Representatives yesterday said the excise tax bill approved on  third and final reading by the House of Representatives last June 6 will not benefit local tobacco producers.

“In the name of providing more funds for the universal health coverage program, the Department of Finance wants to pass a regressive tax measure that will further burden local tobacco farmers and consumers alike,”  Anakpawis party-list Rep. Rafael Mariano said.

House Bill (HB) No. 5727, as amended, seeks to establish a two-tier excise tax system for tobacco, in which cigarette packs with a net retail price of P11.50 or less will have an excise tax of P12 for the first year, and P22 for the second year, translating to an increase of 341 percent and 709 percent, respectively..... MORE

SourceThe Daily Tribune

URL: http://www.tribune.net.ph/index.php/metro-section/item/827-lawmakers-say-excise-tax-bill-won%E2%80%99t-benefit-local-tobacco-producers

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