#tax philippines

Early this year Mazda Philippines, along with other automobile manufacturers, released an updated price list that is already in accordance with the Tax Reform for Acceleration and Inclusion (TRAIN) package. [table id=626 /] Stay tuned for more 2018 price lists of other car brands in the Philippines. The new tax reform bill has been signed by President Duterte today. The TRAIN, as it is commonly referred to, has adjusted taxes on several categories including a tax exemption on all personal income tax below Php250,000 (annually). 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. HONOR has officially launched the new HONOR 600 and HONOR 600 Pro in the Philippines. Read more in our articles including "Mazda Philippines Car Prices for 2018" and "New Tax for Cars Signed into Law".