MANILA - The days of cheap fuel are numbered as the government is poised to impose higher taxes on petroleum products.
Congressman Dax Cua, chairman of the House Ways and Means Committee, said that the Duterte administration's tax reform includes higher excise taxes on petroleum products.
Cua said that the package, which passed the committee level last week, will be implemented in three tranches. There will be a P3.00 per liter excise tax on the first year, another P2.00 on the second year, and an additional P1.00 on the third year.
The government is seen earning P300 billion in additional revenues with the higher excise taxes.
"There is never going to be a perfect timing for this, let's just take advantage of the situation na mababa pa ang presyo ng petroleum," Cua said.
Sweetened beverages will also be slapped an excise tax of P10.00 per liter.
These include 3-in-1 coffee, chocolate drinks, fruit juices, carbonated drinks and other beverages with sugar.
Cua said the excise tax on sweetened beverages will give government P40 to P47 billion in additional revenues, and will curb consumption of unhealthy drinks.
He also said the house targets to pass the tax reform package before Congress adjourns in June.