Congressmen are pushing a tax credit scheme to allow immediate fuel price cuts, challenging the Department of Finance’s (DoF) position that suspending excise taxes may only apply to future imports.
Marikina Rep. Romero Federico “Miro” S. Quimbo, who heads the ways and means committee, said the government should ensure the public feels the relief “right away.”
He proposed at a House of Representatives hearing on Monday that fuel companies be granted tax credits for excise taxes already paid on existing inventories so they could cut pump prices without waiting for new shipments.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased
