DOF clarifies proposed Car Tax
The Department of Finance (DOF) has made clarifications regarding the automobile excise tax.
Contrart to rumors that the whole excise tax scheme will be implemented and will further raise car prices, the DOF clarified that they are proposing a more progressive increase instead to help the consumers not feel the increase as much as they though it would.
Impact of auto excise tax to Automobile prices
|Car Model||Current SRP||New SRP*|
|Hyundai Eon GLX M||508,000||517,103|
|Mitsubishi Mirage G4 GLX A/T||680,000||692,186|
|Toyota Vios 1.5 G A/T||902,000||942,678|
|Nissan Juke 1.6 A/T||980,000||1,034,656|
|Honda Civic RS Turbo A/T||1,403,000||1,538,475|
|Toyota Innova 2.8 E A/T||1,222,000||1,320,022|
|Mazda CX-5 2.0 2WD||1,345,000||1,465,064|
|Izuzu D-Max 4x2 LS M/T||1,190,000||1,282,288|
|Toyota Hiace 3.0 Grandia GL A/T||1,725,000||1,975,880|
|Ford Everest Titanium 2.2 4x2||1,739,000||1,994,898|
|Toyota Fortuner 2.8 V 4WD||2,126,000||2,520,589|
|BMW X5 30d||6,590,000||8,409,328|
|Theoretical Luxury Car 1||10,000,000||13,194,240|
|Theoretical Luxury Car 2||20,000,000||27,226,240|
*New SRP was computed as (net manufacturer’s price + excise tax + VAT)
Also mentioned. the revenues raised through the car excise tax will be used to improve traffic management solutions and fund climate change-resilient infrastructure.