DOF stands pat on maintaining VAT on fuel products.

By bne IntelliNews March 28, 2011
The Department of Finance (DOF) of the Philippines is standing pat on its decision against decreasing the sales tax on oil, much less removing it altogether. As reported by The Manila Times, the finance department stated that the value-added tax (VAT) on oil accounted for 12.5% of total VAT collections and 4.3% of total tax revenues by generating PHP 47bn in 2010. The removal of VAT on oil is likely to cause major dislocation in the finances of the government.
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