The Department of Finance cautioned the incoming administration of President-elect Ferdinand Marcos Jr. against suspending the collection of excise tax on petroleum products as it suggested alternative ways to mitigate the impact of fuel price hikes.
Several lawmakers and transport groups have been calling for the suspension of the excise tax on fuel to ease the impact of skyrocketing petroleum prices brought about by supply disruptions in the global market amid the Russia-Ukraine war.
“An increase in deficit and debt, in turn, will potentially raise interest rates on government debt, thereby reducing much-needed fiscal space for funding crucial social and economic programs, more so now when the government needs to sustain and even boost the domestic economy’s recovery from the lingering pandemic and Russia-Ukraine conflict,” the DOF said.would have ballooned to P15.4 trillion
“The suspension of the imposition of excise taxes on petroleum is also extremely regressive and primarily benefits higher-income households,” the DOF said. The Duterte administration opted to release cash subsidies for the public transport and the agriculture sectors amounting to P5 billion and P1.1 billion, respectively.
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