6:10 pm | Thursday, December 6th, 2012
AFP PHOTO
MANILA, Philippines — The bicameral conference committee on the sin tax reform bill on Thursday agreed to set the measure’s revenue target to P35 billion.
This was how they reconciled the two bills from both chambers which sought P31 billion for the version of the House of Representatives and P39 billion for the Senate version, said Iloilo Representative Janette Garin, one of the members of the House contingent for the bicameral conference committee.
She said that the panel agreed on 70-30 percentage burden sharing for tobacco and alcohol products, respectively.
Senators Panfilo Lacson, siblings Alan Peter and Pia Cayetano, Sergio Osmena III, Franklin Drilon, Ferdinand Marcos Jr. met with Davao City Representative Isidro Ungab, House majority leader Neptali Gonzales II, House minority leader Danilo Suarez, Iloilo Representative Janette Garin, Batanes Representative Henedina Abad, Camarines Sur (4th district) Representative Arnulfo Fuentebella, Camarines Sur (3rd district) Representative Luis Villafuerte, Negros Oriental Representative Jocelyn Limkaichong, Ilocos Sur Representative Eric Singson Jr., the House contingent for the bicameral conference committee on the sin tax bill.
Also present during the deliberations were Bureau of Internal Revenue Commissioner Kim Henares and Finance Undersecretary Jeremias Paul Jr.
The panel has earlier agreed to hike tax rates on alcohol and tobacco products every two years.
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