The Senate indicated that proposed amendments to the Tax Reform for Acceleration and Inclusion Act may still be pushed to trim taxes levied on fuel commodities, but may not be outright suspension of excise taxes on petroleum products as this would result in annual revenue losses of roughly P300 billion.
One of the proposals sounded off was by Senator Grace Poe, chair of the Senate Public Services Committee which has jurisdiction over the public transport sector, is to re-file proposed amendatory legislation prescribing that oil excise taxes shall be suspended for three months once they exceed $80 per barrel.
And if the pass-on of value added tax will be temporarily halted, the half-year revenue losses to the government will amount to P76.94 billion.
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