Senators call to suspend excise tax on fuel; Drilon says government can do it right now

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This March 2022 photo shows a notice to customers of impending price hikes on bread and other baked products. Rising fuel prices are seen to affect the prices of basic goods.

Philstar.com

 

MANILA, Philippines — Senate Minority Leader Franklin Drilon said Tuesday that there is no legal obstacle to the finance department and Bureau of Internal Revenue to suspending the collection of fuel excise taxes amid the sustained increase in local oil prices due to tight global supply.

 

For him, the intent of the Tax Reform for Acceleration and Inclusion (TRAIN) Act is to give the government the power to address possible inflation. Under the TRAIN law, the excise tax for gasoline now stands at P10 per liter, P6 per liter for diesel, and P5 per liter for kerosene. 

 

"There is no stopping the executive, specifically the Department of Finance and the Bureau of Internal Revenue, from suspending the collection of excise taxes on petroleum products, if they really want to mitigate the impact of high oil prices on the cost of goods and living expenses of the ordinary Filipino," Drilon said in a statement on Tuesday.

 

Full Story: https://www.philstar.com/headlines/2022/03/08/2165854/senators-call-suspend-excise-tax-fuel-drilon-says-government-can-do-it-right-now

 

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