Wednesday, February 20, 2019

Ralph Recto: TRAIN ‘trip wire’ to must be automatically implemented once conditions are met

Oct 8, 2018 @ 18:23

Senate President Pro Tempore Ralph Recto said there should be an automatic suspension of the fuel excise tax imposed under the Tax Reform for Acceleration and Inclusion (TRAIN) law one proper conditions are meet.

According to the law, “for the period covering 2018 to 2020, the scheduled increase in the excise tax on fuel as imposed in this section shall be suspended when the average Dubai crude oil based on Mean of Platts Singapore for three months prior to the scheduled increase of the month reaches or exceeds eighty dollars per barrel.”

Recto made the remakr after Benchmark Brent reached $83.32 last week, the highest level in almost four years.

The Batangas politiko said Brent crude prices will affect other price boards.

“The tripwire is $80 per barrel, based on Dubai crude as reflected in MOPS,” Recto said.

“The language of the law is clear. So it must be self-executory and automatically implemented. The brakes on excise taxes on petroleum products must be as fast as how the government collects from TRAIN,” he added.

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