The House ways and means panel on Tuesday approved House Bill 376, creating the Motor Vehicle Road Users’ Tax (MVRUT), committee chairperson Joey Salceda said.
The House ways and means panel on Tuesday approved House Bill 376, creating the Motor Vehicle Road Users’ Tax , committee chairperson Joey Salceda said.
Salceda said that the resulting tax burden on the average sedan provided by the bill will be at 0.21% of net retail price, still below the Southeast Asia average of 0.49% of net retail price. House Bill 376 also earmarks 45% of incremental revenues to the public utility vehicle modernization program and 5% to road crash prevention programs.
“The bill is based on the MVRUT bill passed on Third and Final reading in the 18th Congress, after thorough deliberation and consultation with stakeholders and industry experts by our Committee. The bill is also part of the priorities of the Development Budget Coordination Committee, estimating that this will result in almost P151 billion from 2024 to 2027 to the government,” Salceda pointed out.
“It takes courage from Congress to undertake this, but Congress, as representatives of the people, is in a better position to decide these things,” Salceda said.
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