House ways and means panel chairperson Joey Salceda of Albay on Wednesday said his proposed expanded imposition of luxury tax will be identified as 'Louis Vuitton tax' due to some Filipinos' patronage of the product.
House ways and means panel chairperson Joey Salceda of Albay on Wednesday said his proposed expanded imposition of luxury tax will be identified as "Louis Vuitton tax" due to some Filipinos' patronage of the product.
Interviewed separately on GMA's Unang Balita, he made an enumeration of the luxury items bought by the rich. Salceda made the push for his proposal after non-profit group Oxfam International's Survival of the Richest Report showed nine richest Filipinos have more wealth than the bottom half of the population.
“Other items, such as sales of shares in exclusive membership clubs , jacuzzis, all regatta equipment, and antiques are also being considered, but the revenue potential could be limited, and enforcement costs could outweigh revenue potential,” he added.
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