Latest Breaking News On - Ile photo manila around php131 4 billion worth of government revenues are seen to be lost in 2022 if the proposed suspension excise tax on petroleum products will passed by lawmakers - Page 1 : comparemela.com
(File photo) MANILA - Around PHP131.4 billion worth of government revenues are seen to be lost in 2022 if the proposed suspension of excise tax on petroleum products will be passed by lawmakers, the Department of Finance (DOF) said on Thursday. Specifically, around PHP24.7 billion will not be collected by the Bureau of Customs (BOC) as baseline excise revenues while around PHP106.7 billion will not be collected from the incremental excise revenues under the Tax Reform for Acceleration and Inclusion (TRAIN) law or Republic Act 10963. These figures were based on the projected total excise collection from petroleum products in the 2022 Budget of Expenditures and Sources of financing (BESF), Finance Undersecretary for Revenue Operations Group Antonette Tionko said in a memorandum to Finance Secretary Carlos Dominguez III dated October 20. "Any suspension of the imposition of excise taxes should be appropriately studied as the revenue to be foregone is substantial and may affect the go