It further said a P10-per-liter proposed tax rate was derived by indexing the existing excise tax rate of gasoline (P4.35/liter) to cumulative inflation factor of 2.37 (1997-2014). Govt wants higher fuel excise taxThe Duterte administration would push for higher excise taxes on fuels, noting that it is now the right time for such a move with oil prices remaining low, says the Finance Secretary Carlos Dominguez 3rd. The same formula was used for the proposed tax rate on diesel. This oil tax reform might also cover coal and other petroleum products to internalize the economic costs of climate change, it added. The previous administration said the government would raise P132-billion additional revenue if the current excise tax on fuels would be raised.

Source: Manila Times July 17, 2016 11:15 UTC