Senate approves ‘sin tax bill’ on 3rd reading
Credit to Author: The Manila Times| Date: Tue, 17 Dec 2019 01:15:17 +0000
THE Senate on Monday night approved on third reading the “Sin Tax Bill” or an act increasing excise tax imposed on alcohol, tobacco, and vapor products.
Twenty senators voted in the affirmative, none voted in the negative or abstained against SB 1074, which was a substitute for SB 383 and 987.
Senators Emmanuel “Manny”Pacquiao and Pilar Juliana “Pia”Cayetano authored the consolidated bill, which was prepared by the committee on ways and means.
Senate Majority Leader Juan Miguel Zubiri said that since President Rodrigo Duterte had certified the bill as urgent, the Senate could approve it on third and final reading on the same day.
Its counterpart, House Bill 1026, was approved on final reading on August 20 this year.
Both chambers of Congress will adjourn for the Christmas-New Year break on December 21 and resume session on January 19, 2020.
The measure is expected to generate P47.9 billion in the first year of implementation which Pacquiao and Cayetano said that the proceeds of the additional tax will go to the Universal Health Care (UHC) program.
The bill, among others, proposes to increase the specific tax rate for distilled spirits to P90 per proof liter in 2020 from present P23.40 and retained the 20 percent ad valorem tax on net retail price of the same products.
The measure will also impose varied rates on sparkling, still and carbonated wines. JAVIER JOE ISMAEL