Suspension of fuel excise tax may result in 'substantial revenue loss' for PH: DOF
MANILA— Any suspension on excise taxes should be carefully studied to ensure that the benefits outweigh foregone revenue from tax collection which helps fund the country's COVID-19 war chest, a finance official said Friday.
"Any suspension of the imposition of excise taxes should be appropriately studied as the revenue to be foregone is substantial and may affect the government's budget for COVID-19 recovery measures," Alvarez said. Energy Assistant Secretary Gerardo Erguiza said the DOE is proposing the reduction of excise tax when imported oil prices rise to a certain level and for Malacañang to declare the measure urgent.
Another measure to help PUVs cope with rising oil prices is to allow higher passenger capacity to avert rate hikes, he said.
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