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

Lawmaker renews call to scrap oil excise tax, VAT amid rising prices

by
August 23, 2022
in Investing News
0
Lawmaker renews call to scrap oil excise tax, VAT amid rising prices
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter
PHILIPPINE STAR/ MIGUEL DE GUZMAN

A CONGRESSMAN has urged President Ferdinand R. Marcos, Jr. to push the scrapping of the excise tax and 12% value-added tax (VAT) on petroleum products as face-to-face classes resumed.

Party-list Rep. Arlene D. Brosas issued the call after a new round of oil price increases took effect on Tuesday. 

“The quickest way to bring down local oil prices is to scrap the TRAIN Law excise tax and VAT on oil, yet the Marcos Jr. administration still has not made any mention of it,” the assistant minority leader said.

Several lawmakers including Ms. Brosas has filed House Bill 400, which seeks to do away with excise taxes and VAT on oil products.

This could cut pump prices by as much P15 a liter for diesel and by P33 for an 11-kilogram liquefied petroleum gas, she said.

“Whatever is deducted from the profits of the government by House Bill 400 can be made back with a wealth tax for Filipino billionaires,” she said, adding that the administration should consider repealing the Oil Deregulation law. — Matthew Carl L. Montecillo

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
Marcos government issues 2023 holiday list

Marcos government issues 2023 holiday list

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

Ukraine warns of new Russian offensive; Sweden, Finland move closer to joining NATO

Ukraine warns of new Russian offensive; Sweden, Finland move closer to joining NATO

August 4, 2022
New department for migrant workers targeted for full operations by 2023 

New department for migrant workers targeted for full operations by 2023 

July 14, 2022
US recession fears darken outlook for global growth

US recession fears darken outlook for global growth

June 24, 2022
Heineken releases beer with reduced alcohol content

Heineken releases beer with reduced alcohol content

July 27, 2022
Philippines’ Q1 GDP y/y growth revised down to 8.2% from 8.3%

Philippines’ Q1 GDP y/y growth revised down to 8.2% from 8.3%

August 8, 2022
What are the exchanges for cryptocurrency

What are the exchanges for cryptocurrency

June 21, 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.