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The proposed expansion of the non-essential goods tax, which would see luxury good items taxed more, would generate st least P12.4 billion in annual revenue that could be funneled into supporting the local creative industry, Albay 2nd District Joey Salceda said on Wednesday, Jan. 18.
He explained that the revenues could be “funneled into the country’s creative sectors, particularly our own creators of luxury items.” Companies who can fully design and manufacture luxury bags and other ‘creative products’ in the country might receive power cost or labor cost subsidies.
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