Solon files bill to reduce tax on coal, electricity and petroleum products

A bill that seeks to reduce taxes on electricity and petroleum products and coal is pending in the House of Representatives.

Camarines Sur 2nd District Representative Luis Raymund “Lray” Villafuerte, Jr. filed House Bill 8231 to exempt system loss charges in the sale of electricity from value-added tax (VAT) for three years.

He also proposes to suspend for three years the imposition of applicable duties on the importation of petroleum products and coal, and to reduce by 50% the excise tax imposed on these products, also for three years.

“It seeks to mitigate the effects of the imposition of VAT and the increased excise taxes on petroleum products and coal that are too much of a burden on the consumers and businesses as we recover from the effects of COVID-19 and rising inflation,” Villafuerte said.

The proposed legislation is pending before the House Committee on Energy. — BM, GMA Integrated News