Prices of Asian utility vehicles will soo go up by as much as 50,000 pesos while those of cars will be cut by up to 90,000 pesos.
The increase and reduction will take effect as soon as the bill restructuring excise taxes on automobiles is enacted as Monday night, the Senate approved the bill on third and final reading.
A bicameral conference committee will now be convened to reconcile the Senate and House versions, although there are no major differences between the two.
The measures seeks to convert the system of imposing an excise tax on automobiles (cars, vans, pick-ups, AUVs and sport utility vehicles) from the present system that is based on engine displacement or seating capacity to a scheme-based on the manufacturer's price.
AUVs and sport utility vehicles will soon be covered by the excise tax and their selling prices will go up.
On the other hand, prices of cars will go down. At present, cars are levied a 15 percent rate, which will be cut to two-three percent for most variants.
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