PETRON CORP CHAIR RAMON ANG PROPOSES CAP ON VAT OF OIL PRICES
MANILA, SEPTEMBER 21, 2011 (STAR) By Marianne V. Go - Petron Corp. chairman Ramon Ang (photo) has asked the Department of Finance (DOF) to put a cap on the imposition of value-added (VAT) and excise tax on crude oil when prices rise above $60 per barrel.
According to Ang, Petron only earns P2 for every liter of oil that it sells, while the National Government earns a “windfall” of P15 to P16 per liter in the form of VAT and excise tax.
Apart from the cost of the imported crude, local oil prices carry a 12-percent VAT and an excise tax of P4.35 per liter.
Ang pointed out that contrary to popular belief, it is not the local oil firms that are raking it in when crude oil prices goes up.
“We appeal to the DOF to review (oil) taxes because for each liter of gas P15-P16, goes to taxes which is a windfall. Poor driver. That has to be reviewed because the public thinks oil companies are the ones profiting. They think we are taking advantage,” Ang said.
“In the case of Petron, we are open for anybody to come and audit our books. Hindi kami kumikita ng higit pa dun, yung iba ayaw magpakita ng libro. (We don’t earn more than (P2/l). Others don’t want to show their books.) Private company kami, open kami sa lahat,” Ang said.
According to Ang, “under normal times the price of oil in the world market is $60 per barrel. Now it has climbed to $100 to $110 per barrel. If possible, the DOF could study imposing the tax on $60 per barrel.”
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