The European Chamber of Commerce of the Philippines ECCP expressed disappointment yesterday over the amendments made to House Bill 5727 which was approved at committee level and urged the Congress to restore the provisions in the earlier bill.

The House of Representatives had approved at committee level the version filed by the Department of Finance stipulating a two tiered tax system for tobacco products and three for alcoholic beverages.

The so called substitute excise tax bill changed the original version that proposes a unilateral tax system.

The new tax scheme is expected to earn P33 billion for the government.

“The ECCP is extremely disappointed with the amendments to the excise tax reform bill HB 5727 on distilled spirits and we urgently request the bill be revised to its original proposal,” said ECCP vice president for external affairs Henry Schumacher.

Source: The Philippine Star; Business; 22 May 2012