5 RETAIL NEWS CAPSULE
PHILIPPINE RETAILING
Japanese fashion brands Snidel and Fray I . D are now in the Philippines
Two popular global fashion brands from Japan just got their formal introduction to Metro Manila society , sponsored by Federal Land Retail Holdings Inc . The “ debut ” was held at the main concourse of the Mitsukoshi Mall in BGC ; and by all accounts , it ’ s a smashing success that all fashionistas and discriminating career women can be happy about .
Snidel and Fray I . D are the brands now present at Mitsukoshi Mall , and these are two globally recognized fashion brands from Japan , that have successfully made incursions into China , South Korea , and several ASEAN markets .
As opposed to the other popular Japanese labels already here in the Philippines , these two are genuine fashion brands and not just general apparel brands . Several Japanese actresses and celebrities turn to Fray I . D for their everyday wear , and Snidel takes pride in being the home of where “ street meets formal .”
Federal Land chairman Alfred Ty and Federal Land president Tom Mirasol graced this launch , signifying just how important this maiden step in fashion retail was for the Federal Land group and its partnership with Mitsukoshi .
As Federal Land Retail Holdings Inc . president Mae Jeanjaquet explained , while several Mitsukoshi Mall food concepts had already been launched under the Retail Holdings umbrella , this was the very first one that involved fashion and clothing .
Manila Bulletin , 07 / 03 / 23
House measure seeks 43 % tax on luxury items
Only 0.0001 % of the country ’ s population will bear the 43 % taxes on “ non-essentials ” and on upscale real estate property being proposed in the House of Representatives .
“ The easiest way to tax wealth is through conspicuous or luxurious consumption and through taxation of immovable assets ( i . e . land ),” Albay Rep . Joey Salceda wrote in his House Bill 6993 , which also aims to tax “ non-essential ” goods like branded bags and jewelry .
“ Property taxes on immovable assets are difficult to evade ,” the chairman of the House Ways and Means Committee further said . “ An increase in real property tax rates across the board will be painful and counterproductive .”
“ But proper valuation of luxury real estate ( such as those in gated subdivisions and golf courses ) will help increase revenues and make the tax system more progressive ,” he wrote in his explanatory note .
Salceda ’ s measure aims to increase by 5 % more the current 20 % tax rate on “ non-essential goods ,” making it 25 %. Such goods cover items like luxury Louis Vuitton bags , jewelry , perfume and eau de toilette , yachts , and wristwatches .
On top of Salceda ’ s proposed 25 % are the 12 % value-added tax for sales of real estate properties , and 6 % capital gains tax , or a total of 43 % tax once signed into law .
“ The tax on luxury residential properties will be on top of VAT and other taxes on its sale . The non-essentials goods tax will be on top of all other taxes . The tax on luxury cars , for example , will be on top of the automotive excise tax ,” he wrote .
The House official estimates the government will rake in P15.50 billion yearly with such bill .
Manila Bulletin , 07 / 03 / 23