Marcos reimposes pickup truck tax

Expect pickup trucks to be more costly after the provision reimposing the excise tax on the vehicle type was approved, alongside other tax reform measures under the proposed Capital Market Efficiency Promotion Act (CMEPA).

- BY DEXTER BARRO II

The CMEPA, a legislation deemed a priority of the administration under the Legislative-Executive Development Advisory Council (LEDAC), was approved by President Ferdinand “Bongbong Marcos Jr. on Thursday, May 29.

In a veto message addressed to House Speaker Martin Romualdez, Marcos lauded the proposed legislation as it aims to increase the government’s revenue base, contributing to fiscal sustainability with positive revenue gains.

However, the President opted to veto three provisions of the bill, reportedly because they were not aligned with the administration’s policy of enhancing investor confidence, preserving fiscal prudence, and building public trust.