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What is VAT Removal on Oil: Economic Benefits Explained about?

The document discusses calls by research group IBON to remove the value-added tax (VAT) on oil products in the Philippines. IBON argues that removing the VAT could lower pump prices for gasoline by around 6 pesos per liter and diesel by around 5 pesos per liter, providing savings for consumers. These savings would then be spent in the local economy, stimulating activity. However, the government claims removing the VAT would hurt its finances. IBON disputes this and proposes alternative tax measures instead

Author

Neric Ico Magleo

Language

EN