Daily Star logoBusiness

Bacolod City, Philippines Thursday, October 11, 2018
Front Page
Star Business
Star Life
People & Events
‘Suspend excise tax imposition’


The Bacolod Sangguniang Panlungsod is appealing to the Senate and the House of Representatives to suspend the imposition of the excise tax and the impending additional excise tax charge on fuel and oil products, due to the continued rise in the prices of basic commodities and the surging of the inflation rate of the country.

The resolution, authored by Councilor Caesar Distrito, said Republic Act 10963, or the “Tax Reform for Acceleration and Inclusion (TRAIN)” law, increased the taxes on a range of goods and services in exchange for the lowering of the personal income tax rates, and particularly, it raised the excise taxes on refined and manufactured oil and motor fuel.

The law also provides that for the period covering 2018 to 2020, the scheduled increase in the excise tax on fuel as imposed, shall be suspended when the average Dubai crude oil price based on Mean of Platts Singapore for three months prior to the scheduled increase of the month reaches or exceeds $80 per barrel, it said.

The resolution said the TRAIN law has been pointed to for the surging inflation that has gone up to 6.7 percent and the rising costs of consumer goods and services.

For the past weeks, the prices of fuel consistently increased as impacted by the increase of the Dubai crude price which is now at $77.22, it said.

The high inflation rate and the continued increase in the prices of oil and prime commodities have seriously affected Filipinos from various levels and sectors, the resolution said.

The Senate and the House, as the bastions of the people’s welfare, have to take the necessary action by coming up with measures, or suspend the imposition of the excise tax particularly on fuel, it said.

Although personal income tax rates have been adjusted to meet the income of individuals, Filipinos, particularly Bacolodnons, still cannot get more out of their hard-earned income due to the recent increases, the resolution added.*


back to top

ButtonSP sets marathon hearings on P4 billion NegOcc budget
Button100,000 bags of rice to arrive next month
Button‘Suspend excise tax imposition’