Philippine Agencies Defend Against Fuel Tax Suspension
The Department of Finance (DOF) and the Development Budget Coordination Committee (DBCC) defended their decision against suspending excise taxes on fuel. They cited a potential P50-billion loss and argued that such a suspension would not provide meaningful relief to consumers.
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DOF defends decision vs fuel tax suspension, cites P50-B loss
MANILA, Philippines — The Department of Finance (DOF) on Tuesday defended the Development Budget Coordination Committee’s (DBCC) decision to exclude the suspension of excise taxes on diesel and gasoline from its recommendations to President Ferdinand Marcos Jr., saying such a move would result in a P50-billion revenue loss that could otherwise be used to provide
By dsanchez
Read full article →DBCC: Suspending excise taxes on gasoline, diesel, won't provide 'meaningful relief'
In a statement released on Tuesday, April 14, the inter-agency body said any reduction in the retail pump prices of gasoline and diesel resulting from a tax suspension would likely be marginal and quickly offset by the volatile dynamics of the global oil market.
By Ian Laqui
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