Wednesday, November 14, 2018

Duterte Moves to Suspend Second Round of Fuel Excise Tax


It looks like motorists will have a bit of a reprieve come January 1, 2019 as President Rodrigo Duterte has approved the suspension of the second round of excise tax on fuel.

Pump prices were expected to go up by P 2 for both gasoline and diesel if the second round of excise tax on fuel were to be implemented. However, because of record inflation and soaring commodity prices, the President moved to suspend this next round of excise tax on fuel.

In a memorandum addressed to Finance Secretary Carlos Dominguez, Budget Secretary Benjamin Diokno, and Socioeconimic Planning Secretary Ernesto Pernia, it said:
“With reference to your Memorandum dated 11 October 2018, please be informed of the APPROVAL of your recommendation to suspend the next scheduled increase in the excise tax on fuel, subject to Section 43 of Republic Act No. 10963, or the Tax Reform for Accelaration and Inclusion Law,” the memorandum said.

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