Koko Pimentel files bill seeking suspension of VAT, excise taxes on fuel

Senator Aquilino “Koko” Pimentel III has filed a bill seeking the suspension of Value Added Tax (VAT) and excise taxes on fuel if the Dubai Crude Oil based on the Mean of Platts Singapore (MOPS) 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 (NIRC). 

Earlier, Pimentel urged the government to temporarily suspend the excise taxes and the value added tax on petroleum products amid the increasing prices of oil in the country.

To recuperate the revenue losses from the supposed non-imposition of taxes on fuel products, Pimentel suggested the government should “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.

Apart from this, Pimentel filed the following bills and resolution:

• An Act Modernizing Philippine Orthopedic Center
• Resolution calling for an Investigation on the Frequent Changes in the Philippine Bank Notes and Coins Initiated by the Bangko Sentral ng Pilipinas
• An Act Extending the Validity of the Authority to Solemnize Marriage Issued to Priests, Ministers, or Rabbis
• An Act Amending the Centenarians Act of 2016
• An Act Providing a Microfinancing Program for Micro Enterprises
• An Act Abolishing the Travel Tax on Filipinos and on Nationals of Association of Southeast Asian Nations (ASEAN) Member States Travelling to other ASEAN Member States
• An Act Creating the Position of Municipal General Services Officer in Municipal Governments
• An Act Authorizing the President of the Philippines to Establish the Archipelagic Sea Lanes in Philippine Archipelagic Waters, Prescribing the Obligations of Foreign Ships and Aircraft Exercising Archipelagic Sea Lanes Passage Through the Designated Archipelagic Sea Lanes, And For Other Purposes
• An Act Mandating Age-Appropriate Computer Programming Subjects in the Curriculum of the Enhanced Basic Education Program (K-12), Appropriating Funds Therefor, and For Other Purposes.

— Hana Bordey/RSJ, GMA News