Fuel excise tax to be suspended

With the public interest foremost in its mind, the government is prepared to suspend the next increase of fuel excise taxes in 2019 even at the risk of losing ₱40 billion in revenues.

Special Assistant to the President Christopher Go said they were looking into the suspension provision of excise taxes on oil products under the Tax Reform for Acceleration and Inclusion law to cushion the blow of high prices on the people.

“Kung sakaling tumaas pa ito in the next three months ng more than $80 per barrel, kinokonsidera ng gobyerno ang pagsuspend ng excise tax increase come January 2019,” Go said.

“Binabalanse rin namin ang interes ng lahat. Kinokonsidera na ang pagsuspend ng pagsingil ng excise tax increase would lead to maybe about ₱40-billion loss sa gobyerno. Pero kahit ganito ang sitwasyon, primary consideration ng gobyerno ang epekto sa ating mahihirap na kababayan,” he added.

He assured the public that the government was studying “all available options” to ease the high oil prices on the people.

At present, Go said the Office of the President, Department of Finance, Department of Energy, and National Economic and Development Authority were monitoring the trend of world oil prices especially this month until December.