- Marikina Rep. Miro Quimbo says suspending VAT on fuel is unlikely and unwise due to potential significant loss in government revenue.
- VAT suspension would benefit not only consumers but also big companies, making it less targeted.
- Some lawmakers, especially from the Makabayan bloc, are calling for the suspension of both VAT and excise taxes on fuel to address rising prices.
- Suspending excise taxes would already reduce VAT collections, as VAT is calculated based on the total price.
- The government could lose up to P136 billion in revenue by 2026 if excise taxes on petroleum products are removed.
Source: msn.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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