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Sin tax bill on Senate’s agenda on Monday

Posted on November 15th, 2012

Senator Franklin Drilon is confident that his colleagues in the Senate will vote for the passage of the Sin Tax as he feels that they have “seen and realized the importance of this reform measure to a great majority both as a health measure and as a finance bill.”

Drilon, who replaced Senator Ralph Recto as head of the ways and means committee, is looking forward to the approval of the bill which seeks to increase the excise tax on alcohol and tobacco products when the Senate resumes session on Monday.

One the priority legislation of the Aquino administration, Senate Bill 3299, otherwise known as the sin tax reform bill, aims to raise government revenues from tobacco and alcohol products. The bill hopes to raise from P40 to P45 billion additional revenues for the government.

Recto resigned as head of the committee on ways and means last October amid accusations that his committee report is in favor of the tobacco industry. His province, Batangas, is home to a factory of one the largest tobacco corporations in the country.

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This entry was posted on Thursday, November 15th, 2012 at 7:19 am and is filed under Articles, Bills, Corporations, Environment, Government, Health, Law, Legal, Money, Philippine Business, Philippine Business News, Philippines, Pricing, Product, Taxation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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