Local Oil Firms Support VAT Suspension on Fuel Imports to Lower Prices
Local oil companies advocate for a temporary suspension of VAT on fuel imports to reduce pump prices. The proposal was discussed in a Senate committee hearing, which is overseeing the government's energy response. The measure aims to complement existing excise tax relief. Senators are assessing the fiscal impact of the suspension, with industry representatives stating it is feasible. The hearing also addressed assistance for transport workers affected by high fuel costs, with calls for improved aid distribution mechanisms.
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Local oil companies support suspending VAT on petroleum products at importation to lower pump prices. This proposal was discussed in a Senate hearing by the PROTECT Committee, which monitors the government's energy crisis response.
Sen. Bam Aquino requested a fiscal impact assessment to complement excise tax relief measures. Industry representatives from Shell Philippines and Petron indicated that removing VAT is technically feasible.
The proposal's implementation requires a formal recommendation from the DBCC and coordination with the DOE. Additionally, the hearing addressed aid for transport workers affected by fuel costs, with suggestions for improved distribution systems for assistance.
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