Bicam agrees on P35-B revenue target from ‘sin’ taxes for 2013

Lawmakers from the Senate and the House of Representatives on Thursday agreed to set next year’s revenue target from higher taxes on cigarettes and alcoholic beverages to P35 billion.   Sen. Ferdinand Marcos Jr. said this was how the bicameral conference committee on the “sin” tax bill reconciled the House version of the bill, which proposes a P31.35-billion incremental revenue, and the Senate version that provides for P40 billion in additional excise tax revenue collection from cigarette and alcohol products.   “’Parang pinaghati na lang ‘yung prinoprose [proposed] na revenue ng Senado at ‘yung pinropose ng House kaya napunta sa P35 billion,” Marcos said at the sidelines of the bicameral conference committee meeting Thursday night.   He also said the panel agreed on a 70-30 percent burden sharing for tobacco and alcohol products, respectively, for next year.   Marcos, however, said that the joint congressional committee still has to iron out the burden sharing for the succeeding years.   “Hindi kami nagkakasundo… Ang gusto nila, habang tumatagal, sa mga sumusunod na taon, pataas nang pataas ‘yung mapupunta sa burden sharing sa tobacco at halos pantay lamang ‘yung sa alcohol,” he said.   The revenue that will be collected from the sin taxes will be tapped to fund the universal healthcare program of the government. — Andreo C. Calonzo/KBK, GMA News