InterAksyon.com means BUSINESS
MANILA, Philippines - The Philippines has a year and one-and-a-half months to amend its excise tax laws and make them compatible with World Trade Organization (WTO) rules.
In a statement, the Department of Trade and Industry (DTI) said the US and the European Union, on the one hand, and the Philippines, on the other, agreed to a March 8, 2013 deadline for Manila to abide by a WTO decision that found local excise taxes on imported distilled spirits as unfair.
“After several meetings, the Philippines through the Philippine Mission to the WTO succeeded in improving the US and the EU’s initial offer of nine months to 13 months and 16 days. This benefits the Philippines as it also gives our legislators ample time to work out certain policies consistent with our obligations in the WTO,” said Trade Undersecretary Adrian Cristobal Jr.
Manila, Washington and Brussels began negotiations on the deadline in February.
On January 20, the WTO-Dispute Settlement Body adopted the Appellate Body report that found the Philippines’ excise tax regime on distilled spirits as inconsistent with the global trading body’s rules.
The local distilled spirits industry contributed $1 billion to the Philippine economy in 2010, employing half a million people directly and about five million indirectly.
InterAksyon.com means BUSINESS
BUSINESS NEWS
