Prices of liquor, cigarettes set to increase by January 1

You just have less than 48 hours to buy them cheap.

GMA News Online reports that the prices of liquor and cigarettes are set to increase by January 1, 2014 as the second round of price hikes of so-called "sin products" is implemented in accordance with the sin tax law.


According to the report, new taxation scheme are as follows:

 

Fermented Liquor (per liter)

Costs less than P50.60 will be taxed P17 (from P15 in 2013)

Costs more than P50.60 will be taxed P21 (from P20 in 2013)

 

Tobacco (per pack of cigarettes)

Costs less than P11.50 will be taxed P17 (from P15 in 2013)

Costs more than P11.50 will be taxed P27 (from P20 in 2013)

 

The Sin Tax law, or Republic Act No. 10351 mandates the hike in tax prices of liquor and tobacco products for five consecutive years until 2017. The P33 billion in tax revenues expected to be collected for 2014 will supposedly be used to fund health and livelihood services for tobacco farmers.

 

For more on this story, log on to GMA News Online.

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