Europe-PH News

ECCP Disappointed With HB 5727 Proposed Amendments

May 22, 2012

Ceriza Valencia

Europe-PH News

The European Chamber of Commerce of the Philippines ECCP expressed disappointment yesterday over the amendments made to House Bill 5727 which was approved at committee level and urged the Congress to restore the provisions in the earlier bill.

The House of Representatives had approved at committee level the version filed by the Department of Finance stipulating a two tiered tax system for tobacco products and three for alcoholic beverages.

The so called substitute excise tax bill changed the original version that proposes a unilateral tax system.

The new tax scheme is expected to earn P33 billion for the government.

“The ECCP is extremely disappointed with the amendments to the excise tax reform bill HB 5727 on distilled spirits and we urgently request the bill be revised to its original proposal,” said ECCP vice president for external affairs Henry Schumacher.

 

Source: The Philippine Star; Business; 22 May 2012

  • Europe-PH News

  • April 05, 2024

    Unleash Hell in Makati: The Ultimate MMA Festival Showdown at Kombat Sports Kalayaan!

    Get ready to witness the ultimate showdown as Kombat Spo... Read More

  • March 18, 2024

    Milestone Achieved: ECCP Celebrates Restart of EU-Philippines FTA Negotiations

    Manila, Philippines – The European Chamber of Commerce of the Phil... Read More

  • March 14, 2024

    Mazars C-Suite Barometer 2024

    With insights from around 800 executives across 30 countri... Read More