Below is an article found at BusinessMirror that really made me a bit nervous. Essentially it is talking about going over the old, current and future aspects of the ‘sin’ tax that us American’s pay for every time we purchase tobacco or alcohol. Without giving too much away, please leave a comment with your thoughts on this new ‘proposition’. Onto the article!
The Senate, on motion of Sen. Miriam Defensor-Santiago, agreed on Monday to summon Trade Secretary Gregorio Domingo to shed light on a possible breach of the 1994 General Agreement on Tariffs and Trade (GATT) in the “sin” tax-reform bill being crafted by Congress raising excise taxes on alcohol and tobacco products.
The move came as Sen. Franklin Drilon, chief sponsor of the substitute bill eyeing to collect P40-billion incremental revenue from all brands of cigarettes and alcoholic drinks, said that the bicameral committee reconciling the Senate and House-approved versions of the money measure is set to convene on Wednesday.