Latest Breaking News On - The red light - Page 1 : comparemela.com

(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

Gerardo erguiza jrDepartment of energyNational economicDepartment of financeDepartment of budgetDevelopment authoritySecretary gerardo erguizaTax reformIle photo manila the department of energy doe eyes to tap proceeds from excise tax on petroleum products as fuel subsidy amid rising pump prices ina press conference fridayOe assistant secretary gerardo erguiza jr said there isa provision in the tax reform for acceleration and inclusion train law that allows additional government revenue to be used social welfare benefits programs like fuel subsidies under section 82 ofNcremental revenues from the law can be tapped to fund quot fuel vouchers qualified franchise holders of public utility jeepneys pujs within five years effectivity act train took effect on jan 1018 quot we will make the necessary suggestions on how to tap any resources but part of resolution that asked congress is be able determine from dbm department budget and management if they still have money collection can use for this purposeUot erguiza said in mixed english and filipino earlierHe 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 suspendedHe government stands to lose php131 4 billion in revenues php24 7 excise and php106 incremental under the train law with opposition from economic team halt tax collection on petroleum productsRguiza added that the doe also suggested to congress at least reduce excise tax rate when world oil price hikes reacha certain level quot concept is for us be given authority