To lessen the effect of volatile petroleum product prices on less wealthy consumers in the Philippines, a legislator has filed a bill this week that seeks to remove VAT on all transactions involving the sale of electricity and petroleum products.
Rep. Neil C. Tupas, Jr. also proposed that as a temporary measure the sale or importation of petroleum products and associated raw materials should be subject to excise tax for a period of one and a half years.
Tupas went on to add that after the 18 month period, the president should conduct consultations and studies with the Department of Finance, in order to determine the best way to restore the implementation of the VAT in a manner that is less burdensome to consumers.
"Until the price of fuel stabilizes, the suspension of the VAT on electricity and petroleum products for even just 18 months is badly needed. And withholding the VAT on these two social commodities will directly benefit and be immediately felt by the Filipino consumers," explained Tupas.
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