MANILA – The Department of Finance (DOF) said the government is expecting P40 billion to P41 billion in foregone revenue from the suspension of the second round of increases in fuel excise taxes next year.
“The foregone revenue estimated for the second trance ay P40 to P41 billion, but it’s still early to be able to tell exactly,” Finance assistant secretary Antonio Lambino said in press briefing in Malacañang.
On Monday, Finance secretary Carlos Dominguez III said the government expects to incur P41 billion in foregone revenue due to the planned suspension of the second tranche of excise taxes under the tax reform program.
Lambino said the government will put on hold the excise tax increase that was originally scheduled to start in January 2019. (GMA News)
