Speaking to reporters after(prenominal) the first committee hearing of the Senate committee on slipway and means on HB 5727, An Act Restructuring the Excise tax on alcohol and Tobacco Products or popularly called the sin tax bill, Recto said that by November or December, they will be able pass the bill and signed it into law.
In a months time we poop wrap up the hearing, and a week or two at around we can make the committee report a month for the debate in the Senate, a month for the bicam so we can be done by the of the year, he said.
However, Recto said that they bind not determined the exact percentage of the tax cast up which will be imposed on liquor and tobacco products adding that the House version states that different tax rates will be enforced on the two industries.
The idea is to lift up with a fair, responsible measure that would generate the taxation as well for the PhilHealth and for the other health needs of the health sector. A fair and reasonable manner, he said nevertheless.
nonentity percent tax rate, there is nothing to collect; a 100 percent tax rate, there is nothing to collect, Recto added.
Meanwhile, in a separate interview, Senator Ferdinand Marcos Jr. said that the idea of appalling additional tax on sin products is generally certain by the public but he warned that excessive taxes on liquor and tobacco products will kill the industry and prompt millions of Filipinos depending on these for their livelihood.
He added that three million Filipinos are reliant on the tobacco industry alone.
If the government is bent on reducing the number of smokers, tobacco farmers will be clothe out of work and it will affect traders. What shall we do to them if they will lose their livelihood? Marcos pointed out.
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