new tax on cars

The new tax reform bill has been signed by President Duterte today. Likewise, automobiles will have a new or simpler tax structure.

For cars, the new tax scheme is as follows: Net Manufacturer's / Importer's Price Up to P600,000 == 4% P600,000 to 1,000,000 == 10% P1,000,000 to 4,000,000 == 20% Above P4,000,000 == 50% Take note that these are based on Net Manufacturer's Price or Importers Price. Here's a comparison table between the old and the new tax scheme.

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