- Senator Benigno Aquino is advocating for the suspension or reduction of VAT on fuel products to provide immediate relief from rising fuel prices.
- The Senate is considering a measure to empower the President to suspend or lower VAT on petroleum products, which could have a greater impact than suspending excise tax.
- Oil company representatives support the removal of the 12% VAT, stating it would allow for faster and easier price reductions for consumers.
- Aquino urged the Department of Finance to help calculate the benefits of VAT removal for consumers.
- Recently enacted legislation already allows the President to suspend or reduce excise taxes, potentially lowering fuel prices significantly if implemented.
Source: businessmirror.com.ph
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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