Saturday, February 17, 2018

Give Pinoys a break! Albee Benitez wants collection of oil taxes halted if per-barrel price reaches $80

The Visayan bloc in the House of Representatives led by Negros Occidental Rep. Alfredo “Albee” Benitez has proposed suspending the collection of the additional P6 tax on petroleum products if the price of oil per barrel reaches $80.

Benitez on Thursday (May 18) said their suggestion is aimed at easing the impact of the new and higher taxes that Congress wants to pass this year.

“Our suggestion is that when crude oil prices reach $80 per barrel, the collection of those levies should be suspended. Collection will resume when crude prices fall to below $80,” he said.

The price of oil in the world market currently hover in the $50 range. This translates to a selling price of P50 per liter of gasoline.

Under the tax reform package passed by the House ways and means committee, the proposed P6 tax on diesel, kerosene, cooking gas and bunker oil will be spread over three years: P3 in 2018, another P2 in 2019 and P1 in 2020.

Congress wants to pass the comprehensive tax reform package this year so the new taxes could take effect on Jan. 1, 2018.

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