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Philippine President Approves Fuel Tax Cut Law
(MENAFN) Philippine President Ferdinand Romualdez Marcos signed a law on Wednesday allowing the government to temporarily suspend or reduce fuel excise taxes on petroleum when global oil prices hit a certain threshold.
Republic Act No. 12316 empowers the president, based on recommendations from the Development Budget Coordination Committee and in coordination with the Secretary of the Department of Energy, to act when the average price of Dubai crude reaches or exceeds 80 U.S. dollars per barrel for a month.
Under the law, any suspension or reduction of fuel excise taxes can be applied for up to three months at a time, with a total duration not exceeding one year. Tax rates will automatically return to their original levels either one week after the one-month average Dubai crude price drops below 80 U.S. dollars per barrel, or after three months, whichever comes first.
The measure is intended to provide the government with a flexible tool to mitigate the effects of rising fuel costs on consumers and the broader economy.
Republic Act No. 12316 empowers the president, based on recommendations from the Development Budget Coordination Committee and in coordination with the Secretary of the Department of Energy, to act when the average price of Dubai crude reaches or exceeds 80 U.S. dollars per barrel for a month.
Under the law, any suspension or reduction of fuel excise taxes can be applied for up to three months at a time, with a total duration not exceeding one year. Tax rates will automatically return to their original levels either one week after the one-month average Dubai crude price drops below 80 U.S. dollars per barrel, or after three months, whichever comes first.
The measure is intended to provide the government with a flexible tool to mitigate the effects of rising fuel costs on consumers and the broader economy.
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