THE Bacolod City Council is appealing to the senators and congressmen to suspend the imposition of the excise tax and the impending additional excise tax charge on fuel and oil products due to the continued rise of the basic commodities and the surging of the inflation rate of the country.
The resolution, authored by Councilor Caesar Distrito, was approved during the regular session Wednesday, October 10.
Distrito said Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (Train) law increased the taxes on a range of goods and services in exchange for the lowering of the personal income tax rates and particularly, it raised the excise taxes on refined and manufactured oil and motor fuel.
“The Senate and the House of Representatives, as the bastion of the people’s welfare, have to take the necessary action by coming up of measures or to suspend the imposition of the excise tax particularly on fuel,” he said.
He added the law also provides that for the period covering 2018 to 2020, the scheduled increase in the excise tax on fuel as imposed, shall be suspended when the average Dubai crude oil price based on Mean of Platts Singapore for three months prior to the scheduled increase of the month, reaches or exceeds $80 per barrel.
Distrito noted the Train Law has been pointed out for the surging inflation that has gone up to 6.7 percent and the rising costs of consumer goods and services.
He said for the past weeks, the prices of fuel consistently increased as impacted by the increase of the Dubai crude price which is now at $77.22.
“Although personal income tax rates have been adjusted to suffice the income of individuals, Filipinos, particularly Bacolodnons, still could not get more out of their hard-earned income due to the recent increases,” he added.
Distrito said that the high inflation rate and the continued increase of the prices of oil and prime commodities have seriously affected all Filipinos from various levels and sectors.