A PROPOSAL to impose excise tax on firearms and ammunitions is being pushed by its legislators to improve the Philippines’ gun control system while using the revenue to promote responsible ownership and peace programs. House Bill No. 3367 proposes a value-based tax on handguns such as pistols and revolvers, ammunition and its accessories at 10%. […]
Tag: excise
Lawmaker renews call to scrap oil excise tax, VAT amid rising prices
A CONGRESSMAN has urged President Ferdinand R. Marcos, Jr. to push the scrapping of the excise tax and 12% value-added tax (VAT) on petroleum products as face-to-face classes resumed. Party-list Rep. Arlene D. Brosas issued the call after a new round of oil price increases took effect on Tuesday. “The quickest way to bring down […]
Why we resist the suspension of fuel taxes and the reversal of other hard reforms
The latest Pulse Asia Survey poll on the public’s most pressing concerns reveals that inflation is the most urgent issue among Filipinos (57%), followed by other economic issues such as workers’ incomes (46%), poverty (33%), and jobs (29%)1. The data show how highly concerned most of us are about the uncertainties of post-COVID recovery and […]
Excise tax on petroleum should stay, DOF says
THE Department of Finance (DOF) has maintained that excise tax on petroleum products should stay amid mounting calls to suspend it.The DOF has cautioned the next administration against suspending excise taxes on petroleum as it is not the most efficient approach to alleviating the conditions of affected sectors.“The better and more equitable way to address […]
Tax court denies OceanaGold’s appeal to review liabilities
THE Court of Tax Appeals (CTA) has declined the appeal of OceanaGold (Philippines), Inc. to review its erroneously paid excise tax worth P136.4 million for the period covering June to December 2014. In a 27-page decision on May 31, the CTA full court affirmed its ruling in 2020, as it said the mining company was […]
Haul from Shell excise tax seen at P41B after Supreme Court ruling
THE GOVERNMENT is set to collect P41 billion in excise taxes from Pilipinas Shell Petroleum Corp. (PSPC), the Palace said Thursday, after the Supreme Court (SC) lifted a temporary restraining order (TRO) which had barred tax collectors from imposing charges on Shell shipments of a petroleum additive. The excise tax collections will be tapped to […]
Tobacco excise collections surpass February target
THE Bureau of Internal Revenue (BIR) has overshot its February 2021 target for tobacco excise tax collections by 4.28 percent, collecting P17.57 billion mid-month after Japan Tobacco International (JTI) Philippines Inc. paid taxes of P10.94 billion, which is more than double the amount it paid in January. BIR deputy commissioner Arnel Guballa said preliminary data […]