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Good News, really? Cigarette prices may increase as much as 83 percent next year based on the comparative estimation of the Department of Finance (DoF) on 7 excise tax bills pending in Congress.
Department of Finance compared the revenue estimates and price increases under the different proposals to reform the excise tax on alcohol and tobacco products.
According to the Department of Finance, the price of local cigarette could increase by 82.9 percent in 2012 should the government opt for House Bill 3465 filed by Batanes Rep. Henedina Abad and HB 3489 by Iloilo Rep. Niel Tupas Jr.
House Bill 3465 seeks a unitary excise tax system and indexation of tobacco excise tax to inflation, while HB 3489 provides for an increased and unitary tax rate which shall be adjusted annually to present values using the consumer price index.
To summarize that, in 2013, the DoF estimates a 17.9 percent increase in local cigarette price through HB 2687, and 14.2 percent through HBs 3465 and 3489.
Source: news.yahoo.com
Department of Finance compared the revenue estimates and price increases under the different proposals to reform the excise tax on alcohol and tobacco products.
According to the Department of Finance, the price of local cigarette could increase by 82.9 percent in 2012 should the government opt for House Bill 3465 filed by Batanes Rep. Henedina Abad and HB 3489 by Iloilo Rep. Niel Tupas Jr.
House Bill 3465 seeks a unitary excise tax system and indexation of tobacco excise tax to inflation, while HB 3489 provides for an increased and unitary tax rate which shall be adjusted annually to present values using the consumer price index.
To summarize that, in 2013, the DoF estimates a 17.9 percent increase in local cigarette price through HB 2687, and 14.2 percent through HBs 3465 and 3489.
Source: news.yahoo.com
Category: News
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