Philippines’ proposal to suspend excise tax on oil imports will reduce government revenues, but impact may be partly offset by higher value-added tax collection as oil prices rise, according to the Department of Finance.
- Government would get 16.2b pesos in additional VAT collection if oil is at $80 per barrel, Finance Undersecretary Karlo Fermin Adriano tells congressional hearing
- This will partly offset the estimated 55b pesos in revenue losses if excise tax on oil is suspended May through December, Adriano says
- Assuming oil is at $100 per barrel, additional VAT collection due to higher prices would be 37.4b pesos; this ...