Winston Castelo, Batocabe said imposing tax on non-essential products like cosmetic products is a 'more reasonable option' than imposing excise taxes
on basic commodities like oil.
10351, or the sin tax reform law enacted in 2012, provided for an automatic annual adjustment of 4 percent on the specific excise taxes
of cigars and tobacco products, wines, as well as fermented liquors brewed and sold at microbreweries, starting Jan.
Practitioners who are not aware of the rules in this area may discover that their clients are subject to very large excise taxes
, with little recourse, since the prohibited transaction rules are strictly enforced.
1 this year jacked up or slapped new excise taxes
on oil, cigarettes, sugary drinks and vehicles, among other goods, to compensate for the restructured personal income tax regime that raised the tax-exempt cap to an annual salary of P250,000.
In cases of locally manufactured/assembled automobiles, the excise tax may be paid either: (1) simultaneous to the filing of the proper Bureau of Internal Revenue (BIR) Form and before removal of the automobile from the place of production/assembly; or (2) in advance (wherein the person liable shall be allowed to remove automobiles without prior filing of the prescribed excise-tax returns provided that he has sufficient balance of deposits with the BIR to cover full payment of the excise taxes
due on said removals).
can be levied either at specific or ad valorem basis.
In this example, Holloway says, the coverage providers might owe a total of $1,000 in Cadillac plan excise taxes
for Alan's benefits package, with $787 being the responsibility of the health insurer, $157 being the responsibility of the FSA, and $55 being the responsibility of the HRA.
The federal excise taxes
, tax credits, and exemptions for various types of fuel constitute a terribly confusing area of the tax law, involving several Internal Revenue Code sections and overlapping provisions.