SENATOR Aquilino “Koko” Pimentel III on Monday filed a bill seeking the suspension of value added tax (VAT) and excise taxes on petroleum if the Dubai Crude Oil based on the Mean of Platts Singapore reaches $80 per barrel.
The bill, which tops Pimentel’s priority bills in the 19th Congress, seeks to amend Sections 106, 107, and 148 of the National Internal Revenue Code.
Pimentel has urged the government to temporarily suspend the VAT and excise taxes on fuel products amid the soaring oil prices of oil in the global market.
To recuperate the revenue losses from the supposed non-imposition of fuel taxes, the senator instead urged the government to “tighten its belt” in terms of the annual budget and skip the allocation of funds to programs and projects which are not considered as a priority.
Presidential sister Sen. Imee Marcos filed a similar bill specifically granting the President the authority to enforce the suspension.
Sen. Jinggoy Estrada, on the other hand, filed a measure seeking fixed monthly salaries for public utility drivers and conductors.