MANILA, Philippines - The bicameral conference committee of the upper and lower houses on Tuesday morning signed the conference committee report reconciling the clashing provisions of their sin tax reform bills.
Once ratified by both chambers this afternoon, it only needs the President's signature to be effective.
After President Benigno Aquino III signs it into law, such will impose higher tax rates for alcohol and tobacco products effect January 1, 2013.
The approved measure is expected to rake in P33.96 billion in extra revenues next year, P42.86 billion in 2014, P50.63 billion in 2015, P56.86 billion in 2016, and P64.1 billion in 2017.
Local government units and legislative districts are set to get 20% of the sin tax proceeds for medical and health undertakings, while the remaining 80% will be used for universal health care projects of the government.