Senate explores TRAIN Law changes to trim fuel taxes

6/22/2022 2:40:00 PM

The Nation's Leading Newspaper

Senate explores TRAIN Law changes to trim fuel taxes

The Nation's Leading Newspaper

The Senate indicated that proposed amendments to the Tax Reform for Acceleration and Inclusion (TRAIN) 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.

According to incoming Senate Committee on Ways and Means Chairman Sherwin T. Gatchalian, the tenor of the legislative measure being propounded now is not a complete scrapping of the excise taxes, but it could just be modification – including the threshold for international prices at which the excise taxes shall be suspended within a prescribed timeframe.

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Velasco The Senate indicated that proposed amendments to the Tax Reform for Acceleration and Inclusion (TRAIN) 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. According to incoming Senate Committee on Ways and Means Chairman Sherwin T. After mass shootings at a New York grocery store and a Texas elementary school that authorities said were committed by teenagers, the legislation would allow states to provide juvenile records to the national background check system for gun purchases. Gatchalian, the tenor of the legislative measure being propounded now is not a complete scrapping of the excise taxes, but it could just be modification – including the threshold for international prices at which the excise taxes shall be suspended within a prescribed timeframe. Sotto III and Representative Romeo S. “The cost of removing excise tax on fuel will cost the country about P300 billion a year. “I believe that this week, we will pass legislation that will become the most significant piece of anti-gun-violence legislation Congress will have passed in 30 years. But I’m not completely closing that option because we can have a variation of that proposal. After mass shootings at a New York grocery store and a Texas elementary school that authorities said were committed by teenagers, the legislation would allow states to provide juvenile records to the national background check system for gun purchases.

Not completely removing excise tax, maybe reducing it by a few notches depending on the oil price,” he said. “And more importantly, it is a bipartisan breakthrough. Lino S. 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. The suspension of excise taxes for petroleum products had been a protracted debate between the Executive and Legislative branches of government since last year. “This bipartisan gun-safety legislation is progress and will save lives. The Department of Finance, in particular, had extremely opposed any proposals to toss out fuel excise taxes even just for a short period of time. This includes, but is not limited to, the grant of medical aid to children who suffered burns and need of cleft lip, cleft palate and clubfoot surgeries, and other medical aid which Mabuhay Shriners can provide in the future. Based on his calculation, Gatchalian said that if excise taxes will be suspended for six months, the foregone State revenues will reach P76. Schumer’s Republican counterpart, Minority Leader Mitch McConnell, called the legislation “a commonsense package” in a statement pledging his own support. Murphy said on the Senate floor ahead of the bill’s release.

48 billion for both gasoline and diesel products. And if the pass-on of value added tax (VAT) will be temporarily halted, the half-year revenue losses to the government will amount to P76. The biggest gun lobby in the country, the National Rifle Association, said on Twitter that it opposed the legislation because it could be abused to restrict lawful gun purchases. In 2021, SPAO facilitated 36,997 various forms of medical assistance and referred over a thousand of non-medical related requests for assistance.94 billion. Meanwhile, President-elect Ferdinand Marcos Jr. Senator John Cornyn, the lead Republican negotiator in the bipartisan talks, held out hope the legislation would succeed. highlighted that the leaning of the government is to veer away from total suspension of excise taxes for fuel products, and instead extend targeted subsidies to critical sectors, primarily the public utility vehicles. McConnell, joined all 50 Democrats to move toward voting on the legislation.

Gatchalian, nevertheless, noted that while the PUVs as well as the marginal segment of the agriculture sector are granted financial assistance, a fraction of the population being left out are the middle class, including the workers as well as the small businesses. We are imperfect human beings. “Definitely we have to balance it, because one of the sectors that we’re not hitting right now are the middle class. Yes, we’re helping the riding public. The legislation’s release on Tuesday would help ensure the odds of Senate passage before lawmakers leave for their two-week July 4 break. Yes, we’re helping the public utility vehicles, but the middle class is taking the hit because they have their own vehicles,” the solon pointed out. He added that for those with their own small businesses, ”that’s where the excise tax suspension will probably alleviate the pain of our middle class. The bipartisan group has been working on a deal to curb gun violence since a gunman killed 19 children and two teachers at an elementary school in Uvalde, Texas, less than two weeks after 10 people were killed in a racist shooting at a supermarket in Buffalo, New York. We are imperfect human beings.

But that’s the last option…I’m not putting that as the priority, because we need revenue, especially at this time that we’re recovering from the pandemic and fiscal space is very low.” . Still, if passed, it would be the most significant action to combat gun violence to emerge from Congress in years.