Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Senate bill sets $80 Dubai crude as trigger to freeze fuel excise tax

by
July 4, 2022
in Investing News
0
Senate bill sets $80 Dubai crude as trigger to freeze fuel excise tax
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter

A BILL calling for the automatic suspension of value-added tax (VAT) and excise taxes on fuel products has been refiled in the Senate, setting as a trigger event the Dubai crude oil benchmark exceeding $80 per barrel.

The trigger for Dubai prices will be the Singapore Mean of Platts reference, which sets the benchmark for Asian fuel prices.

The bill, a reconciled version of Senate Bill (SB) 2320 and 2445 which were filed in the 18th Congress but remained pending in the Senate committee after that Congress ended, is among the 10 priority bills Senator Aquilino L. Pimentel III filed on Monday.

The senator did not include a provision in SB 2320 that allows the President, through an executive order (EO), to lower the rate or suspend the VAT tax on oil products during national emergencies or states of calamity for one year.

Senator Maria Imelda Josefa Remedios R. Marcos filed a separate bill allowing the suspension by EO, also on Monday.

The main targets for amendment contemplated in the bills are Sections 106, 107 and 148 of the National Internal Revenue Code of 1997.

A suspension of the excise tax on fuel products is unlikely under the new government, which was sworn in last week, Finance Secretary Benjamin E. Diokno has said.

He added that reversing such a suspension would be “very difficult.”

President Ferdinand R. Marcos, Jr. has said that he will seek other options to address spiraling fuel costs, noting that a suspension of excise taxes will lower government drastically.

The Finance department has said that a suspension may result in as much as P131.4 billion in foregone revenue in 2022, the loss of which will potentially hinder the economic recovery.

Mr. Pimentel also proposed a measure abolishing the travel tax on Filipinos and nationals of the Association of Southeast Asian Nations (ASEAN) traveling to other ASEAN countries.

Meanwhile, Ms. Marcos listed among her priority bills measures calling for the emancipation of tenants, a New Omnibus Election Code, and a Young Farmers Challenge Act, the Pandemic Protection Act.

She also proposed a bill exempting migrant workers from paying PhilHealth premiums.

Senator Lorna Regina B. Legarda’s priorities included a measure supplying public school students at all levels with tablet computers.

Senate Bill 1 is known as the proposed One Tablet, One Student Act. A version was filed in the 18th Congress but had not got past committee level when that Congress ended.

She also proposed a Magna Carta for Public School Teachers, a Magna Carta for Private School Teachers, and a measure raising the salaries of public school teachers and personnel.

Senator Jose P. Estrada, Jr. listed among his priorities a measure amending the Labor Code to appoint the Secretary of Trade as vice-chairman of the National Wages and Productivity Commission. The amendment is intended to guide the commission on business and investment conditions before any wage action is undertaken.

He also refiled a bill transitioning informal workers into the formal economy and proposed a measure condoning penalties on household employers failing to pay social security benefits.

Senator Juan Edgardo M. Angara filed the proposed Exports and Investments Development Act, which seeks to develop higher-value and diversified export products.

Senator Emmanuel Joel J. Villanueva said his focus was on “job opportunities and job security” with a view towards reducing poverty, he said in a statement.

He proposed to institutionalize the National Employment Recovery Strategy as the blueprint for job creation, and the Security of Tenure Act for workers in the private sector. The latter was also filed by Senator Ana Theresia N. Hontiveros-Baraquel.

Ms. Hontiveros also filed the proposed Philippine Rise Marine Resource Reservation Act which declares a portion of the Philippine Rise (international name: Benham Rise) as a protected area, prohibiting the destruction of wildlife therein, and lays down a conservation and management regime.

Senator Manuel M. Lapid proposed measures calling for a monthly social pension for indigent persons with disabilities, the waiving of fees for professional examinations, and a requirement for tourism professionals to take a qualifying examination. — Alyssa Nicole O. Tan

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
DoT’s Frasco signals major push to highlight neglected destinations

DoT’s Frasco signals major push to highlight neglected destinations

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Top 10 Strategies to Start Clearing Your Business Debts

Top 10 Strategies to Start Clearing Your Business Debts

August 9, 2022
AbaCore enters coal operating deal with ORVI

AbaCore enters coal operating deal with ORVI

July 19, 2022
China keeps lending benchmarks unchanged, wary of policy divergence risks

China keeps lending benchmarks unchanged, wary of policy divergence risks

June 20, 2022
Globe joins list of top 200 Asia-Pacific Climate Leaders

Globe joins list of top 200 Asia-Pacific Climate Leaders

June 15, 2022
LANDBANK allocates P5.8B for agri climate resilience lending

LANDBANK allocates P5.8B for agri climate resilience lending

August 17, 2022
Term deposit yields rise on lower demand, rate hike expectations

Term deposit yields rise on lower demand, rate hike expectations

August 10, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.