Temporary 12% VAT suspension pushed

THE Negros Occidental Provincial Board plans to pass a resolution asking the Department of Budget and Management (DBM) to temporarily suspend the 12 percent Value Added Tax (VAT) on oil products.

Fifth district Board Member Dino Yulo, author of the proposed resolution, said this is one of the solutions to the continuing hikes in the prices of petroleum products.

Three consecutive increases in fuel prices have been imposed by oil companies, ranging from P1 to P1.50 per liter, in a span of just two weeks. The current pricing is the highest so far in the country.

The increase is untimely especially here in Negros Occidental since the milling season is now at its peak, the board member said.

He said the effect would be felt not only by the truckers but also by planters who pay for trucking allowance for the hauling of their canes to and from the sugar mills although truckers are also provided with allowances by the sugar mills.

Prices of commodities have also gone up in the last few days because of the oil price hikes with oil companies even coming out with advisories that more increases still loom.