So that's why the economic development cluster prioritized immediate actions to bring down the prices of food by increasing supply." Lambino said the government would not be able to collect P40 billion in 2019 if the next tranche of increase in fuel excise taxes
However, Finance Assistant Secretary Tony Lambino pointed out that there is a need to look more closely into the potential effect on suspension of fuel excise taxes
, as he noted that the additional excise taxes
comprise 25 percent of the increase in fuel prices.
The implementing rules and regulations (IRR) for the suspension of fuel excise taxes
is currently being crafted by a committee comprised of the departments of Energy and Finance, as well as the Bureaus of Customs and Internal Revenue, among other agencies.
Cimatu last Thursday said he is eyeing to impose a 'significant' hike on excise taxes
in mining, citing President Duterte's instruction to him to maximize profit from the industry.
Typically, excise taxes
imposed on goods such as alcohol, tobacco and tires have floor stocks provisions.
Senator Bam Aquino expressed hope on Wednesday that with President Rodrigo Duterte's inclination to suspend excise taxes
on oil products, the government will unite to support the move.
Therefore, public charities and social welfare organizations should do everything possible to avoid triggering the excise taxes
. The most consequential planning opportunity appears to be taking the steps necessary to qualify for the presumption of reasonableness when establishing compensation and determining FMV in transactions with anyone who may be considered a "disqualified person." Some suggested steps include the adoption of a written accountable plan for expense reimbursement, the review of existing conflict of interest policies and the drafting of compensation decision-making procedures.
On top of further raising the excise taxes
on tobacco and alcohol products, the Department of Finance is also seeking to stop the sale of cigarettes per stick as well as the use of e-cigarettes under its proposed tax reform package '2 plus.'
The Service has begun a three-year program to increase audit coverage of excise taxes
. In 1997, the emphasis will be on motor fuel excise taxes
The Department of Finance is supporting further increases in alcohol and cigarette excise taxes
to lessen consumption of these 'sin' products even as these have become inflationary.
If an individual is concerned with the amount of estate, income, GST and excise taxes
to be paid on retirement plan benefits at death, he should consider naming a charity as a beneficiary of all or a portion of the benefits.
This was the first time the BIR collected excise taxes
from sugary beverages, as mandated under the Tax Reform for Acceleration and Inclusion (TRAIN) Act.