NEW TAX REGIME MAKING A DENT IN PHILIPPINE AUTO BOOM
April 1st, 2018
SWEEPING tax reforms introduced by The Philippines’ President Rodrigo Duterte designed to raise funds for infrastructure improvements, may cool a protracted vehicle sales boom in the country, experts warn.
The first stage of changes under a Tax Reform for Acceleration and Inclusion Law (TRAIN) came into force in January and the resulting higher excise taxes saw sales of passenger cars and commercial vehicles drop by 9.5% and 8% respectively in the first quarter of the year compared to January-March 2017. This is according to the Chamber of Automotive ...
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