Tags / Economic impact
Economic impact
Measures (2)
SBN-1982bill · enacted
AUTOMATIC SUSPENSION OR REDUCTION OF EXCISE TAX ON PETROLEUM PRODUCTS
This law allows the President to suspend or reduce excise taxes on petroleum products when the average price of Dubai crude oil exceeds USD 80 per barrel for one month. It sets specific conditions and reporting requirements for such actions.
SBN-1354bill · in_committee
RATIONALIZING THE WITHHOLDING TAX RATE ON REFINED PETROLEUM PRODUCTS
This bill aims to lower the withholding tax rate on income derived from the sale of refined petroleum products to a maximum of 0.1%. It seeks to ease cash flow constraints for oil companies, potentially leading to lower fuel prices for consumers.