BILLS PROPOSING tax breaks for companies involved in the business of hybrid cars have advanced through both chambers of Congress, though at different stages.
Senate Bill No. 2856, titled the “Electric, Hybrid and Other Alternative Fuel Vehicles Incentives Act of 2011” — exempting for nine years hybrid car manufacture and assembly from excise tax and value added tax (VAT) and imports from excise tax — was reported on Tuesday by Senator Ralph G. Recto, chairman of the ways and means committee, for plenary action.
In the House of Representatives, the Committee of Ways and Means approved on Tuesday its own measure — consolidating four bills — exempting assembly and manufacture of hybrid, electric and alternative fuel-using vehicles from excise tax and VAT for nine years.
Committee chairman Rep. Hermilando I. Mandanas of Batangas (2nd District) said during the hearing, however, that importers are not exempted.
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Source: Business World, Oct. 4, 2011
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