PISTON, a federation of public transport groups, staged a picket rally along EDSA in Caloocan City to protest consecutive oil price hikes. They are campaigning for the suspension of fuel VAT and excise tax and the repeal of the Oil Deregulation Law.
Like in the 18th Congress, House Committee on Ways and Means Chairman Joey Sarte Salceda said he proposed to reduce the excise tax by P3 when the average Means of Platts Singapore price exceeds $80 for three months and increase the tax by P2 when the price is below $45. “The additional revenues during periods of low prices can be used for fuel subsidies when prices are high. The leadership is studying this approach. A highly volatile and socially sensitive commodity should not have such an inflexible tax regime,” he added.
Under the proposal, the President, on recommendation of the Development Budget Coordination Committee, may suspend or reduce excise taxes on fuel through an executive order provided that the average Dubai crude oil based on the Means of Platts Singapore for three consecutive months reaches or exceeds $80 per barrel. Provided that such suspension or reduction of excise taxes shall be automatically lifted when the above condition is no longer present or after a year.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mindoro oil spill: Fishermen knock on House's doors to seek financial helpIn a press release, Speaker Martin Romualdez assures the fishermen affected by the oil spill in Oriental Mindoro that the House will help them secure P200 million in direct cash assistance
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Speaker, Lower House to explore solutions with DOE, fuel firms vs gas price stampedeSPEAKER Ferdinand Martin Romualdez is set to gather major oil players and the Department of Energy’s officials today to explore “win-win” solutions that will address the seemingly endless series of oil price hikes. The gathering will include the review of the imposition of excise tax or value-added tax (VAT) on…
Source: BusinessMirror - 🏆 19. / 59 Read more »
Speaker to oil players: Do your part to ease burden of rising pricesSpeaker Ferdinand Martin G. Romualdez on Monday appealed to key players in the oil industry to share the burden of
Source: MlaStandard - 🏆 20. / 55 Read more »
FACT CHECK: Video shows New Zealand oil spill, not US attack on Chinese shipThe footage of MV Rena was spliced together with unrelated clips of B-52 bombers, ships, and firing of missiles to fit the claim narrated in the video
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Oil nearing $100 a barrel red flag for central banks’ inflation fight • BusinessMirrorJust as global monetary policy switches toward high-altitude cruise control, another bout of turbulence is bearing down on the world economy with surging oil prices. The approach of crude toward $100 a barrel is presenting central bankers with a reminder that the era of volatility heralded by the pandemic and war in Ukraine isn’t going
Source: BusinessMirror - 🏆 19. / 59 Read more »
Belgium opens memorial on site of serial killer’s ‘horror house’By Matthieu Demeestere Charleroi, Belgium -- Belgium on Tuesday opens a memorial garden on the site where notorious serial killer
Source: MlaStandard - 🏆 20. / 55 Read more »