Philippines Senate Considers Bill for Automatic Suspension of VAT, Excise Taxes on Specified Fuel

The Philippine Senate March 5 accepted for consideration Bill No. 1935, to provide for the automatic suspension of VAT and excise taxes on specified fuel. The bill includes measures to suspend: 1) the 12 percent VAT rate on sales or imports of refined and manufactured mineral oils and motor fuels when the average Dubai crude oil price, based on the Mean of Platts Singapore (MOPS), reaches or exceeds US$80 per barrel; and 2) excise taxes on the fuels when this US$80-per-barrel threshold is met. The law would enter into force 15 days after publication. [Philippines, Senate, 03/05/26]

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