A QUALITY timepiece is a must for many folks, especially business leaders who consider the accessory an important part of their 'armor.' For those who prefer luxury watches and who belong to the rarefied group of people who can afford to pay a premium for one-of-a-kind timepieces, there was good news recently regarding taxes imposed on these commodities.

Under the Philippine Tax Code, excise taxes will be levied, assessed and collected on certain articles such as alcohol, tobacco, petroleum, automobiles and goods that are considered 'nonessentials.' The purpose is to discourage or limit the use or consumption of these products and potentially to redistribute income since only a privileged few can afford to pay the premium.