Palace lauds Bicam approval of the Sin Tax bill

WITH the approval of the bicameral conference committee, Congress has taken a very important step in approving a reconciled version of the Sin Tax Bill.

Malacanang in a statement said, the reconciled version adheres closely to the administration sponsored bill as it contains only two-tiers for taxes on cigarettes and reflects current prices instead of 1997 rates.

This is a significant reform that raises revenues for government’s healthcare programs which will expand and strengthen social safety nets for millions of Filipinos. It also levels the playing field for the tobacco industry by providing a more equitable taxation regime for all industry players, Malacanang said.

“We commend the leadership of Senator Franklin M. Drilon, Speaker Feliciano Belmonte, Jr., Majority Floor Leader Neptali Gonzales II, and Representative Isidro Ungab, for their unwavering leadership on this bill. Their commitment to the passage of this crucial reform was strengthened by the constant support of the President who certified the bill as urgent, as well as the countless advocates in the bureaucracy and civil society,” the statement said.

With the ratification of this bill, the President is gladly looking forward to sign into law, the Presidential spokeperson said.

About accounting

You must be logged in to post a comment Login

Leave a Reply