Sotto on suspending fuel excise tax: I’ll leave it to the experts
Senate President Vicente “Tito” Sotto III on Thursday said he would leave the suspension of the excise tax on fuel to economic experts amid soaring prices.
“I’ll leave it to the economic experts,” Sotto said when asked about his position on calls to suspend the oil tax.
Some senators have called for the review and suspension of fuel tax to cushion the impact of the rising costs of goods, utilities and transportation that would affect mostly the poor, amid the implementation of the Tax Reform and Acceleration and Inclusion (TRAIN) and high price of gas.
“I leave the timing to economic experts. There’s a reason na I’m not an economist,” Sotto said.
In a privilege speech on Wednesday, opposition Senator Paolo Benigno Aquino III called for the passage of a bill amending the TRAIN law that seeks to suspend the excise tax on fuel when the average inflation rate surpasses the annual inflation target over a three-month period.
But Senate President Pro Tempore Ralph Recto on Thursday said that such provision is already included in the TRAIN law being implemented this year.
He said the Department of Finance needs to issue a separate implementing rules and regulation (IRR) for the provision to take effect. /jpv