Pickup trucks and motorcycles aren’t the only vehicles to be affected by the Department of Finance’s (DOF) proposed tax reforms—it appears even vintage cars may not also be safe from the new policies if and when they take effect.
Under the proposed fiscal plan for the next administration, there will also be an imposition of excise taxes on luxury goods. This is to “expand the coverage of the tax on non-essential goods” to include products such as vintage cars. “This measure has an existing bill, but will require further study.”
OTHER RECENT NEWS ON THE DOF’S PROPOSED TAX REFORMS:
Prices of pickups, motorcycles, MVUC poised to increase under proposed DOF tax reforms
DOF proposal includes P1 hike for petroleum excise tax, imposition of carbon tax
As it stands, the Vintage Vehicle Regulation Act does not provide tax incentives for the importation or exportation of vintage cars, so this new law isn’t conflicting with the DOF’s proposed reform. The agency, however, has yet to provide any specifics nor has it released an estimated revenue impact for this. We’re also not sure if vehicles such as luxury SUVs and supercars will be affected.
So we have excise taxes on utes, motorcycles, and even fuel. Now, this. What could possibly come next?