The removal of the excise tax exemption on pickup trucks formed part of the additional measures that the DOF this week lobbied for inclusion in what was formerly called the Passive Income and Financial Intermediary Taxation Act. READ:
During Wednesday’s hearing, House ways and means committee chair and Albay Rep. Joey Salceda read a letter sent by Finance Secretary Benjamin Diokno to him last Monday, urging to pass an “enhanced” version of Pifita.
The DOF also pitched to adopt a stock transaction tax, rationalized documentary stamp tax on financial transactions, as well as clarification of collective investment schemes taxation. “Together with the Department of Trade and Industry , we propose the inclusion of a provision removing the excise tax exemption of pickup trucks introduced under Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion Law. Pickup trucks were granted the special tax treatment for their utility as workhorses for small business owners and professionals in their livelihood,” Diokno’s letter to Salceda read.
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