- President Marcos Jr. needs an enabling law from Congress to reduce or suspend VAT on oil; he currently has no such authority.
- Taxes, including VAT and excise tax, make up a significant portion of fuel prices (22% for gasoline, 29% for diesel).
- Congress recently allowed the President to adjust oil excise taxes, but not VAT.
- Removing or reducing VAT on oil could significantly impact government revenues, with potential losses estimated at P210 billion.
- The Cabinet will meet to discuss further measures to address rising oil prices, including possible excise tax adjustments.
Source: abs-cbn.com
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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