Even those who can afford to and
will buy the newest and latest car models from automobile brands probably won’t
be able to help but feel the pain of those who are hopelessly out of the buying
range for these same vehicles, if some of the latest sweeping tax reforms recently
announced by the Department of Finance (DOF) actually get passed through
Congress. The ones that are most worrying to car companies and car importers
both are the new excise tax revisions being proposed, divided into different
price brackets even.
The Philippine Star reports that the government is going ahead with
the excise taxation to both add a new source of revenue as well as to manage
the volume of vehicle traffic on major roads, by discouraging people from
buying more cars likely. Representative Dakila Cua of Quirino has passed a
house bill that would see existing 2 percent taxes on high-end motor vehicles
priced up to 600,000 Pesos go up to 4 percent, and cars between the 600,000 to
P1.1 million price range will have their 12,000 Peso tax similarly doubled to
24,000 including 40 percent of the amount in excess of 600,000 (from 20
percent).
In light of these new tax
schemes, a Hyundai Eon GLX M which would have the current suggested retail
price (SRP) of 508,000 Pesos will become 528,320. On the other end of the price
spectrum a Toyota Fortuner 2.8V 4WD SUV will go from 2,126,000 to 3,398,000
Pesos. That’s already a big ouch for Filipinos used to buying cars from brands
that have been around the country in forever. Any classy vehicle from Europe on
the other hand will (theoretically) be hit with a high enough excise tax to
raise their prices as high as over 50,000,000 pesos.
But where does that leave buyers
then, when the SUVs that are such a common sight on roads these days become
even more expensive than they already are? Already House Deputy Speaker Rolando
Andaya is subtly suggesting to the public to make their purchase of a
Mitsubishi Montero Sport (for instance) now, before excise taxing makes it feel
like costing an arm and a leg. On the other end Finance Secretary Carlos
Dominguez would like to assure the automotive market that the Comprehensive Tax
Reform Program (CTRP) will not kill or even decimate their businesses. Sales
may slow down perhaps, but he is certain the industry needs only an adjustment
period to adapt and thrive in the new condition.
One thing’s for sure: ominous as
the CTRP may be, it’s still managed to win some support from prominent quarters
like the Ayala Group. They see the whole package as being able to increase
disposable income from everyone in the country save the top 0.002 percent,
spurring the economy and helping people save more. Time will tell if the car
makers, importers and buyers see it that way.
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