Solon: Suspend excise tax on fuel | Inquirer News

Solon: Suspend excise tax on fuel

/ 05:12 AM October 21, 2021
Bayan Muna Rep. Carlos Zarate. Screengrab from House of Representatives livestreaming

Bayan Muna Rep. Carlos Zarate. Screengrab from House of Representatives livestreaming

MANILA, Philippines — House Deputy Minority Leader Carlos Zarate on Wednesday backed the proposal to suspend the excise tax on fuel following a series of oil price hikes, saying it would help lower prices and ease the burden on the transport sector. He issued the statement after Energy Secretary Alfonso Cusi said he wanted the Department of Energy to have the power to suspend excise tax on fuel during “abnormal conditions.” “In fact, we are not just for suspension; we even strongly proposed scrapping the excise tax especially on diesel, which was imposed by the (Tax Reform for Acceleration and Inclusion) Law,” Zarate said. But this would require amending the law. Sec. 43 of the TRAIN Law, he said, has a sunset provision that allows the suspension only between 2018 and 2020 and when the world crude oil price breaches the $80-per-barrel price for three months. But the law did not factor in the COVID-19 pandemic or the corresponding loss of jobs. —NESTOR CORRALES


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TAGS: Excise Tax, Fuel, Oil, Oil price hike, Zarate
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