Latest Breaking News On - Ile photo manilaa leader of the house representatives on wednesday thumbed down quot politically expedient solution either suspending or trimming excise tax petroleum amid rising pump prices - Page 1 : comparemela.com

(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

Pantawid pasadaBernadette herreraPantawid kuryenteNational economicDepartment of financeDevelopment budget coordination committeeDevelopment authoritySpeaker bernadette herreraTax reformIle photo manilaa leader of the house representatives on wednesday thumbed down quot politically expedient solution either suspending or trimming excise tax petroleum amid rising pump pricesS it would be quot economically disastrous deputy speaker bernadette herrera said the national government budgets this 2021Nd 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 disastrousIven the fact there is no international oil crisis now nor expected in months aheadUot herrera said instead of shaving part that excise tax on petroleumHe more prudent solution isa combination of fixes that improves supply flowsNcreases local buffer stocks