Sin Tax Law to Come into Effect on January 1
Filipino â€˜sin taxâ€™ law has been on its way and a recent report has been claiming that the same may not be liked by many. The law is to be implemented by January 1, 2013, which aims to collect additional revenues up to some 40 billion pesos.
It has been found that the revenues are also not being planned to be earned in usual ways, but by bringing an augment in taxes. Users of so-called â€˜sin productsâ€™ would have to pay higher taxes. Amongst these products come tobacco and liquor-type things.
December 20, the bill was signed by President Benigno Aquino III into law, the report says. It was following it was passed by the Senate on second and third readings on November 20.Â