Lifestyle

Rest Easy, Bookworms—DOF Clarifies That Books Will NOT Be Taxed Under TRABAHO

The Department of Finance just confirmed it.
IMAGE By Ramchand Bruce Phagoo [Public domain], from Wikimedia Commons
Comments

Did you, as a reader, also panic when you read that book prices might go up thanks to the new TRABAHO Bill? We did, too, to be honest. The bill, which has been approved in the Lower House, has a clause that cancels old incentives and exemptions for the book publishing industry.

Atty. Euvimil Niña Asuncion, Director for Legal and Legislative at the Strategy, Economics and Results Group of the DOF, however, has already clarified that the sale and importation of books remain customs duty-free. The Tax Code and the Customs Modernization and Tariff Act protect the book industry's exemptions, Asuncion reminded us. The cancelling clause is apparently there to consolidate our tax laws into something simpler.

Sure, it's a complex tangle of legal mumbo jumbo, but if you need more assurance, the Department of Finance has just released this really easy-to-understand poster.

ADVERTISEMENT - CONTINUE READING BELOW
CONTINUE READING BELOW
Recommended Videos

So: No new taxes on books. Rising prices due to inflation, however, are another matter.

Comments
View More Articles About:
About The Author
Esquire Philippines
View Other Articles From Esquire PH
Comments
Connect With Us