MANILA, Philippines — A bill proposing the suspension of the imposition of excise tax on petroleum products has been filed before the House of Representatives (HOR), Deputy Speaker Cagayan De Oro City Representative Rufus Rodriguez announced Friday (October 29).
The move is brought about by the continuous increases in the price of fuel products.
House Bill 10246 filed by Deputy Speaker Rodriguez sought to amend Section 43 of the Tax Reform Acceleration and Inclusion (TRAIN) Law.
It will particularly order the suspension of the collection of adjustments in excise taxes that will be applied on gasoline, diesel, and other petroleum products from 2022 to 2025.
Rodriguez clarified that his proposed bill is not a move to scrap the imposition of excise taxes as a whole.
The lawmaker said that the weekly increases in the price of fuel will only burden the economy that is just beginning to slowly open to welcome employees to go back to work.
On Thursday’s briefing by the Department of Finance before the House Committee on Energy, the agency said the country will lose around Php131.4 billion should the suspension of excise tax will be approved.
Conversely, the Department of Energy has called on Congress to approve the said suspension. —/mbmf (from the report of UNTV Correspondent Nel Maribojoc)
The post Proposed suspension of fuel excise tax filed in Lower House appeared first on UNTV News.