If you've been thinking about buying a brand-new car, now might be a good time to sign on the dotted line. The House Committee on Ways and Means has just approved the tax reform package proposed by the Department of Finance.

Lawmakers gave their approval on the package yesterday after holding a technical working group meeting on Wednesday. Included in this package is the proposed increased in automobile excise taxes. The package will now proceed to a second reading at the House plenary.

ADVERTISEMENT - CONTINUE READING BELOW

According to the substitute bill that was approved at the committe level (a copy of which we obtained from industry sources), the taxes that will be imposed on automobiles are as follows:


The bill classifies automobiles as any four- or more wheeled motor vehicle regardless of seating capacity, powered by diesel, gasoline, or any other source except pure electricity and hybrid technology. The bill excludes buses, trucks, jeepneys, cargo vans, single cab chassis vehicles, and other special purpose vehicles.

ADVERTISEMENT - CONTINUE READING BELOW

What do you guys make of this recent development?

More From FemaleNetwork.com

This story originally appeared on Topgear.com.ph.

* Minor edits have been made by the Femalenetwork.com editors.

Get the latest updates from Female Network
Subscribe to our Newsletter!
View More Articles About:
Cars Taxes
Comments

Latest Stories

8 BGC Restaurants to Add to Your Food Trip Must-Try List

One BHS is one of the newest malls in the Taguig business district, and there's already so much to explore!

Ruffa Gutierrez Opens Up About Experience with Gender Violence 12 Years Ago

"When he would cut my hair, I would put hair extensions. It became a normal situation,"

The Tiny, White Flakes On Your Head Isn't Always Dandruff

Plus, surprising reasons you have dandruff, like not washing your hair every day!

Anne Curtis to Park Bo Gum: 'Thank you for being such a polite gentleman'

The actress lists hosting the Korean star's fan meet as one of her most memorable!
Load More Stories