BY EMILY VITAL Bulatlat January 29, 2008 – 3:11pm Bayan Muna (People First) representatives filed today House Bill No. 3442 seeking the exemption of oil from the 12-percent restructured value-added tax (RVAT). “We have set into motion the process of removing the VAT on oil, something which can emanate only from the House of Representatives,”…
Tags: VAT on petroleum products
Removing Vat on Oil to Give Relief to Greater Number of Filipinos
Removing the VAT on oil would stimulate economic activity through savings to consumers on their fuel bills. It is estimated that without the 12 percent VAT, oil pump prices would go down by P4 ($0.098 at an exchange rate of $1=P 40.80) per liter and LPG by P60 ($1.47) per 11-kg cylinder. BY IBON Foundation…
Roxas: Suspension of VAT on Oil is Relief for the Poor
Sen. Manuel “Mar” Roxas III said that suspending the Value-Added Tax on oil products will give relief to the poor at the forum “People’s Response to the Rising Oil Prices,” Jan. 26, at the University of the Philippines in Diliman, Quezon City. BY EMILY VITAL Bulatlat Vol. VII, No. 50, January 27-February 2, 2008 Sen.…
LP 2010 Presidentiable Proposes Suspension of VAT on Oil as Cushion vs Price Hikes
Asserting that the repeal of the controversial oil deregulation law is a long and complicated process, Liberal Party’s top presidential contender and incumbent Sen. Mar Roxas over the weekend instead proposed Senate Bill No. 1962 suspending the 12-percent Value-Added Tax (VAT) imposed on oil to cushion impact of sharp increases in the prices of petroleum…