THE HONORABLE HENRY C. ONG
2nd District of Leyte
Vice Chair, Committee on Banks & Financial Intermediaries
BUSINESSMAN-SOLON URGES FILIPINO FAMILIES TO CONSIDER PICKUP TRUCKS AS THEIR MULTI-PURPOSE VEHICLE
Purchasing a motor vehicle for family use or for small business has become a necessity for many Filipinos. Car ownership also happens to be one of the aspirations of many Filipino families as noted by AMBISYON NATION 2040, the long-term Philippine Development Plan of the Duterte administration.
Car sales were especially high in 2017. There was a double-digit percent increase in car importation and sales compared to 2016.
According to the Association of Vehicle Importers, their 2017 sales was at 106,268 units in 2017, which is an increase of 14 percent compared to 3,192 units sold in 2016.
The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) has said its sales last year totaled 425,673 units, which is 18.4 percent higher than its 2016 sales.
Recognizing this and to help Filipino families and the Bureau of Internal Revenue, I share with the general public, particularly those who are thinking of purchasing a car very soon, to study the BIR’s recently-issued Revenue Regulations on the new excise tax rates for automobiles (
https://goo.gl/DMVkWX )
The new BIR regulations implement the TRAIN Law provisions on motor vehicles’ excise taxes. The new rules also have a schedule of ad valorem taxes on automobiles.
As a family man, businessman, and as Member of the House Committee on Transportation, I advise families now thinking of purchasing new motor vehicles, to take advantage of the TRAIN Law exemption for electric vehicles and pickup trucks and the 50 percent on applicable excise tax rates for hybrid vehicles.
Congress deliberately lowered the excise tax rates to zero on electric vehicles and pickup trucks and lowered to 50% the excise tax rates on hybrid vehicles to help Filipino families with small businesses and to encourage citizens to care for the environment. Pickup trucks are especially versatile because they can double as family vehicles and utility units.
REFERENCE:
http://www.philstar.com/business/2018/01/26/1781334/auto-sales-race-past-2017-targetLinkback:
https://tubagbohol.mikeligalig.com/index.php?topic=89121.0