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.

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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:

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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.

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This story originally appeared on Topgear.com.ph.

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

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