President Ferdinand R. Marcos Jr. said he will back the bill proposed by Albay Representative Jose “Joey” S. Salceda to hike the tax for luxury items to help boost government revenue. Know more:
PRESIDENT Ferdinand R. Marcos Jr. said he will back the bill proposed by Albay Representative Jose “Joey” S. Salceda to hike the tax for luxury items to help boost government revenue.
It will affect wristwatches, bags, wallets, and belts value, which are valued at more than P50,000; beverages worth more than P20,000 a liter; antiques valued at P100,000; paintings valued at more than P1 million. “For the rest of us, who are not necessarily consumers of luxury goods, we feel it if the economy is down,” he added.
He noted the demand for luxury goods will not be affected despite the higher tax since its consumers can afford it.In a related development, Marcos called on the public to correctly pay their taxes on time to help in the country’s ongoing pandemic recovery.
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