Latest Breaking News On - He department of finance dof and the national economic development authority opposed recommendation suspending excise tax on petroleum products despite rising oil prices said should be suspended - Page 1 : comparemela.com
(File photo) MANILA - The chairperson of the House Ways and Means Committee on Tuesday proposed the reduction of fuel excise taxes for six months to address rising pump prices and mitigate overall inflation. Albay Representative Joey Salceda filed House Bill 10438, which proposes to exempt diesel and kerosene from excise taxes from Dec. 1, 2021 to June 1, 2022, while gasoline excise taxes will be reduced by PHP3 per liter. He said the Mean of Platts Singapore (MOPS) price, which is the basis for the suspension of excise taxes under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, has already breached the USD 84 per barrel for crude. "The benchmark under TRAIN was USD80 per barrel, such that when the price threshold is hit, we would have suspended 2020 fuel excise tax increases. The 80 USD mark was an 'alert level.' We are past that level. MOPS for crude is now over USD84. We should really take up a reduction in the excise taxes," Salceda said in a statement.
(File photo) MANILA - A measure suspending the collection of the increase in excise taxes on gasoline, diesel, and other oil products for three years, from 2022 to 2025 has been filed at the House of Representatives. Deputy Speaker Rufus Rodriguez filed on Thursday House Bill No. 10246, which proposes to temporarily suspend the collection of excise taxes on fuel products based on the increased rates imposed in Section 43 of Republic Act No. 10963, or the Tax Reform Acceleration and Inclusion (TRAIN) Law until the country has fully recovered from the coronavirus disease (Covid-19) pandemic. A copy of the bill was sent to the media on Friday. Rodriguez said once the suspension takes effect, the government would collect excise levies on oil products based on the old rates contained in the National Internal Revenue Code or before the TRAIN Law. Rodriguez noted that Section 43 includes a suspension provision covering the period 2018 to 2020 whenever crude oil prices exceeded USD80 per barre
(File photo) MANILA - A leader of the House of Representatives on Wednesday thumbed down the "politically expedient" solution of either suspending or trimming the excise tax on petroleum amid rising pump prices, as it would be "economically disastrous". Deputy Speaker Bernadette Herrera said the national government budgets this 2021, 2022, and 2023 would be dependent on the approximately PHP100 billion per year in excise tax on petroleum. "Suspending or trimming that excise tax even for just three months would be fiscally unwise and possibly economically disastrous, given the fact there is no international oil crisis now nor expected in the months ahead," Herrera said. Herrera said instead of shaving part of that excise tax on petroleum, the more prudent solution is a combination of fixes that improves supply flows, increases local buffer stocks, removes customs fees and hauling charges, and issues purchase discount vouchers to the poor and low-income cons
(File photo) MANILA - The Department of Energy (DOE) eyes to tap the proceeds from the excise tax on petroleum products as fuel subsidy amid rising pump prices. In a press conference Friday, DOE Assistant Secretary Gerardo Erguiza Jr. said there is a provision in the Tax Reform for Acceleration and Inclusion (TRAIN) Law that allows the additional government revenue to be used for social welfare and benefits programs like fuel subsidies. Under Section 82 of TRAIN Law, incremental revenues from the law can be tapped to fund "fuel vouchers to qualified franchise holders of public utility jeepneys (PUJs)" within five years from the effectivity of the act. The TRAIN Law took effect on Jan. 1, 2018. "We will make the necessary suggestions on how to tap any resources. But part of the resolution that we asked the Congress is to be able to determine from DBM (Department of Budget and Management) if they still have the money from the collection and if we can use the money for this