The long-awaited luxury tax measure has been billed as a tax on “non-essentials” like jewelry, high-end bags and watches, luxury cars, private jets, and upscale residential property, with the proposed rate on these items set at 25%. READ:
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According to the bill’s explanatory note, the items covered are “beyond the reach of the bulk of consumers, and which are not significant or important inputs to other value-adding industries.” Paintings over P1 million, antiques valued at P100,000 and above, and brand new or secondhand automobiles worth at least P1 million will be subject to the tax.
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