Explanation of Impact of Excise Tax

Topics: Petroleum, Tax, Indirect tax Pages: 30 (6479 words) Published: March 15, 2013
|AN ACT INCREASING THE EXCISE TAX RATES ON PETROLEUM PRODUCTS, AMENDING FOR THE PURPOSE SECTION 148 OF THE | | |NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED | | |[pic] | | |Republic of the Philippines | | |HOUSE OF REPRESENTATIVES | | |Quezon City, Metro Manila | | |  | | |THIRTEENTH CONGRESS | | |FIRST REGULAR SESSION | | |  | | |House Bill No. 1323 | | |  | | |  | | |Introduced by HONORABLE DANILO E. SUAREZ | | |  | | |  | | |EXPLANATORY NOTE | | |  | | |The biggest problem confronting the government is the chronic fiscal deficit that prevents it from spending | | |its financial resources to essential socio-economic programs and projects. | | |  | | |Congress therefore is faced with the challenge of coming up with legislative measures which could help solve | | |the problem, or at the very least abate or mitigate the impact of the problem. No less than President | | |Gloria Macapagal-Arroyo stressed the need to legislate policy initiatives which focus on the improvement of | | |the system of taxation in 1he country. One important area which needs to be considered is the relevance and | | |responsiveness of the tax rates, given our current economic conditions | | |  | | |The excise tax on petroleum products was last amended in 1996 by Republic Act 8184 which restructured the | | |system by introducing the specific form of taxation. Since then, not a single amendment was forwarded. The | | |existing rates have not been adjusted ever since. Considering inflationary pressures, these rates are already | | |obsolete to the present times. This proposal addresses this limitation by increasing the rates on petroleum | | |products by P2.00, in the process, amending the relevant provisions of Sec. 148 of the National Internal | | |Revenue Code of 1997, as amended. | | |  | | |We also take into consideration the social implications of these proposed adjustments....

References: 3. ^ Adam Smith, The Wealth of Nations (1776), Bk.V, Ch.2, Art.IV; retrieved Sep.24, 2012.
4. ^ Samuel Johnson, A Dictionary of the English Language, Ninth Ed. (London, 1805), Vol.2; retrieved Nov.3, 2009.
6. ^ Stamp Act History Project, "Stamp Act, 1765". Retrieved - July 2009.
10. ^ "P. Duk. Inv. 314: Agathis, Strategos and Hipparches of the Arsinoite Nome". by J.D. Sosin & J.F. Oates, University of Cologne, 1997. Mention of salt tax in early 3rd century papyrus (pp. 6-7). Retrieved - July 2009.
11. ^ "The Salt March To Dandi". by Scott Graham, Emory University, 1998. Discussion of salt excise in 1930s India. Retrieved - July 2009.
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Tax and Central Excise Essay
  • Excise Tax Essay
  • Impact of Tax Essay
  • Essay on History: Tax and Excise Taxes Alcoholic
  • Essay about Tobacco Excise Tax in Australia
  • Value Added Tax and Instructor Explanation Essay
  • Tax Avoidance and Tax Evasion Essay
  • Tax and Revenue Essay

Become a StudyMode Member

Sign Up - It's Free
6.8 Love Under the Stars (2015) | Vestibular | [HorribleSubs] Seishun Buta Yarou wa Bunny Girl Senpai no Yume wo Minai - 09 [480p]