It's increasingly looking like the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN), which includes a substantial increase in automotive excise taxes, is going full steam ahead.

A report by GMA News Online says the bicameral conference committee debating TRAIN has reconciled differing provisions between the act's Senate and House versions. This comes less than a month after TRAIN made it through the senate in its third and final reading.

More From FemaleNetwork.com

According to the report, if everything goes as planned the bicameral committee's version of TRAIN will be ratified by congress within the day, after which the act will be referred to President Rodrigo Duterte for his signature and enactment.

The latest numbers regarding automotive excise taxes are as follows:

*4% for cars priced P600,000 and below

*10% for cars priced P600,000 to P1 million

*20% for cars priced P1 million to P4 million

*50% for cars priced above P4 million

ADVERTISEMENT - CONTINUE READING BELOW

The Senate version of TRAIN included a two-tier tax scheme, which would have seen cars priced P1 million and below levied a 10% tax, while cars priced above P1 million would be taxed 20%. This would have benefited luxury cars.

A bit of good news is that pickups and hybrid vehicles will be exempt from additional taxes, with hybrids even getting a 50% tax discount vs. non-hybrid automobiles. 

Back in late November, Senator Franklin Drilon said that he expected the debates on TRAIN within the bicameral committee to be "tough and tedious." Are you satisfied with the new automotive tax scheme?

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:
Taxes Cars
Comments

Latest Stories

How 'Not Looking Professional' Helped This Pinay Climb the Corporate Ladder

Michelle Fernandez-Castillo 'looks unprofessional' to some people, but she easily proves them wrong about her.

Cheska Garcia Is Ready for Another Baby After Tubal Ligation, Shares Husband Doug

"It's gonna be a long and complicated process so please keep us in your prayers," the celebrity dad wrote in his IG post.

Here's How Many Calories You Can Burn With These Low Impact Exercises

These effective low impact workouts will shed away the weight you've been meaning to lose.
Load More Stories