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DOF releases estimated Automobile Excise Tax prices

Manila, Philippines - Philippine government is doing its best on how to increase revenue as part of the administration reforms, one of the options is the new Automotive Excise Taxes from which according to report it will take effect by 2018. The cost of buying a car could shoot up by as much as 20%, depending on the type of vehicle you will going to buy.



Here's the official table released by the agency showing the differences between the current SRP of vehicles against the new SRP with revised excise tax. Noticeably, there is a smaller difference between the two compared to when it was first proposed.

The DOF says that vehicles in the category A and B will still remain affordable to those in the middle class families. This is due to the personal income tax rate that is also set to be introduced soon, which the government  agency says will offset the new vehicles SRPs.

The department also mentioned that they are proposing to increase the automobile excise tax further in the future. At the moment, this is only the first phase of implementation of the proposed auto excise tax. As previously stated, the introduction of the second phase is expected to take effect at the beginning of 2019.

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