Higher petroleum product taxes disputed (Which should take precedence

Knowing that a bill increasing the excise tax on petroleum products is unpopular given rising world oil prices, Quezon Rep. Danilo E. Suarez yesterday insisted it has to be pursued given the need to raise revenues and address the fiscal deficit. Of the tax measures he has filed at the House of Repre...

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Bibliographic Details
Published in:Business world (San Juan, Philippines) Philippines), 2004-08, p.1
Main Author: Judy T. Gulane, Jeffrey O. Valisno and Carina I. Roncesvalles
Format: Article
Language:English
Subjects:
Budget deficits
Crude oil prices
Excise taxes
Executive orders
Osmena, Sergio R III
Price stabilization
Recto, Ralph G
Suarez, Danilo E
Tax increases
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Summary:Knowing that a bill increasing the excise tax on petroleum products is unpopular given rising world oil prices, Quezon Rep. Danilo E. Suarez yesterday insisted it has to be pursued given the need to raise revenues and address the fiscal deficit. Of the tax measures he has filed at the House of Representatives, Mr. Suarez said only the bill increasing the excise tax on petroleum products by P2 has a direct impact on the greater population. Mr. Suarez said the increase he seeks may still be lowered once deliberations at the House ways and means committee start and once the Senate comes up with its counterpart bill. He also stressed that even if the excise tax on petroleum products is increased, the Philippines will still have the lowest fuel costs in the region.
ISSN:0116-3930