- The Philippine Senate is considering a bill to automatically suspend the 12% VAT and excise taxes on fuel when global oil prices reach USD 80 per barrel or higher.
- The suspension would remain until prices fall below the threshold, aiming to protect consumers from inflation caused by fuel price spikes.
- The bill amends sections of the National Internal Revenue Code related to VAT and excise taxes on fuel.
- The Secretary of Finance must issue implementing regulations within 30 days of the law’s effectivity.
- If enacted, the law will take effect 15 days after publication in the Official Gazette or two newspapers.
Source: regfollower.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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