Latest Breaking News On - Nd 2023 would be dependent on the approximately php100 billion per year in excise tax petroleum quot suspending or trimming that even for just three months fiscally unwise and possibly economically disastrous - Page 1 : comparemela.com
(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