House bill pushes for 4-year suspension of excise tax increase on oil products | Inquirer News
Close  

House bill pushes for 4-year suspension of excise tax increase on oil products

/ 11:41 AM October 29, 2021

MANILA, Philippines — A bill filed in the House of Representatives seeks to suspend the collection of the increase in excise taxes on gasoline, diesel, and other oil products for four years.

ADVERTISEMENT

Under House Bill No. 10246 filed by Deputy Speaker and Cagayan de Oro City Rep. Rufus Rodriguez, the collection of excise tax increases as provided for by Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Law shall be suspended from January 1, 2022, to December 31, 2025.

“As such, the excise tax on fuel products from January 1, 2022, until December 31, 2025, will be collected based on the rates provided for in the National Internal Revenue Code before it was amended by Republic Act 10963,” the bill states.

FEATURED STORIES

Rodriguez said that once the adjustments are suspended, the old rates that would apply would be P4.35 and P5.35 per liter on regular gasoline and unleaded gasoline instead of the present P10, while diesel, kerosene, and liquefied petroleum gas would not be imposed any excise tax.

Rep. Rufus Rodriguez

 Deputy Speaker and Cagayan de Oro City Rep. Rufus Rodriguez

This, in turn, will result in a decrease in the prices of consumer goods and services, Rodriguez said.

“One way to help the Filipino people is to temporarily suspend the collection of the increase in excise taxes on oil products imposed under the TRAIN Law until the country has fully recovered from the COVID-19 pandemic,” Rodriguez said.

Several lawmakers have called for the temporary suspension of excise tax on oil products to aid drivers affected by the increase in the price of fuel.

The Department of Finance (DOF), however, has expressed its disapproval, citing a massive loss in revenue for the country.

For now, the government said it will give away cash grants totaling P1 billion to at least 178,000 registered drivers of public utility vehicles to help ease the impact of a continuing increase in oil prices.

gsg

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Excise Tax, Fuel, House bill, Oil, Rufus Rodriguez
For feedback, complaints, or inquiries, contact us.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.