Lawmakers warned consumers of impending “price shocks” at the start of 2020 with the implementation of the third tranche of the Tax Reform for Acceleration and Inclusion (Train) Law that increases the excise tax of oil. Finance Assistant Secretary Tony Lambino confirmed that the third and final tranche of the excise tax increase on petroleum products takes effect on Jan. 1, 2020. Republic Act 10963 or the “Train Law,” which was passed in 2017, set three tranches of tax rate hikes from Jan. 1, 2018 to Jan. 1, 2020. Bayan Muna party-list representatives told consumers to brace for price shocks. “Again if the administration wants to shield consumers from the upcoming price onslaught then it should immediately repeal the Train Law,” he added.

Source: Manila Times December 31, 2019 23:01 UTC