Suspension may make the PH lose up to PHP 138.8B 🤔
The Department of Finance has thumbed down the idea of suspending the excise tax on fuel amidst the uncontrollable rise in the cost of gasoline, diesel, and even kerosene.
A study by the DOF shows that 48.8% of the country’s fuel consumption is made by the higher socioeconomic classes, while only 13.8% is used by the disadvantaged segment of society. According to the DOF, if the fuel excise tax is lifted, it will only benefit affluent and well-to-do families. People living at or below the poverty line will be impacted negatively as the government will lose income to fund social services programs for the poor.
[If we suspend all the taxes including VAT on all fuel products we will lose PHP138.8 billion in one year or 0.6% of our GDP. What we are proposing is to extend targeted support to the poor who needs it instead of totally suspending the excise tax]. House Bill 10488 stipulates a moratorium on fuel excise tax from June 2022 to November 2022; Senate Bill 2445 has from June 2022 to December 2022. The DOF computes the losses from the House bill at Php 48.7 billion, while the Senate version will cost the government Php 69.3 billion. DOF Undersecretary Alvarez added that if the fuel excise tax is suspended every time fuel prices go up, the country’s coffers will be lighter by Php 1.5 trillion by 2032.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MMDA: No need for expanded number coding yet - Auto NewsExcept for Makati, the 5:00 PM-8:00 PM coding scheme will remain to be enforced for the meantime
Read more »
Diesel to go up PHP 13.15 per liter starting tomorrow - Auto NewsGasoline prices to hike PHP 7.10 per liter, diesel PHP 13.15 beginning March 15
Read more »
DOE says gas could hit PHP 86.72, diesel PHP 81.10 - Auto NewsExpect the price of gasoline and diesel to continue going up amidst the ongoing crisis
Read more »
Look: Diesel matches gasoline in latest price hike - Auto NewsGasoline and diesel prices now average between PHP 75 to over PHP 85 per liter
Read more »
2022 MG HS gets 1.5 Turbo, top spec at PHP 1,208,888 - Auto NewsMG Philippines expands crossover lineup with turbocharged HS
Read more »
Ruiqi 7 is the Navara's more premium cousin in China - Auto NewsZhengzhou Nissan reveals the Navara-based Ruiqi 7 luxury pick-up truck
Read more »