Philippine government to suspend excise taxes on petroleum products if oil hits $80

The new duties on fuel – and other items such as cars, tobacco and sugary drinks – are part of the Tax Reform for Acceleration and Inclusion law which took effect at the start of the year. (AFP)
Updated 05 June 2018
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Philippine government to suspend excise taxes on petroleum products if oil hits $80

DUBAI: The Philippine government will suspend the collection of excise taxes on petroleum products if global crude oil prices hit $80 a barrel to soften its impact on Filipino consumers, a presidential spokesperson said Tuesday.
The announcement comes after oil companies on Tuesday implemented their biggest price hike for gasoline products so far this year of 1.6 pesos per liter ($0.03), and prices of diesel and kerosene products up by about 1 peso a liter, with what they claimed was to reflect ‘movements in the international oil market.’
“Excise taxes will be suspended when prices, If I am not mistaken, reach $80 [per barrel]. We are ready when to suspend the collection when oil prices reach that level,” presidential spokesperson Harry L. Roque said during a press briefing.
“The collection will be suspended,” he said, as part of contingencies to protect the public from a possible oil-price shock.
The new duties on fuel – and other items such as cars, tobacco and sugary drinks – are part of the Tax Reform for Acceleration and Inclusion (TRAIN) law which took effect at the start of the year.
The first tranche of the Philippine government’s tax restructuring has been blamed for the rise in consumer prices, which rose 4.5 percent in April and breached the year’s target of between 2 percent and 4 percent.
Finance Secretary Carlos Dominguez, however, said the roughly two-thirds of the April inflation rate was due to the demands of a rapidly-expanding economy, with the TRAIN accounting for only 0.4 point of the increase instead of the estimated 0.7 point.
“We will coordinate with the Department of Finance and the Department of Budget and Management if the benefits [for poor families] aside from the P200 monthly subsidy [as part of the amelioration program] have been released,” Roque said. “There are still other benefits to be given to soften the effects of TRAIN.”


Saudi real estate valuers to benefit from RICS’ stamp of approval

Updated 49 min 16 sec ago
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Saudi real estate valuers to benefit from RICS’ stamp of approval

  • Deal to open up new opportunities in the Saudi market for chartered surveyors
  • RICS has accredited at least 118,000 professionals working in the development and management of land, real estate, construction and infrastructure

LONDON: Real estate valuers in Saudi Arabia are set to have their industry credentials further boosted following a preliminary agreement signed with the UK-headquartered Royal Institution of Chartered Surveyor (RICS).
Under the terms of the memorandum of understanding [MoU), members of the Saudi Authority for Accredited Valuers (Taqeem) are to benefit from training courses and qualifications approved by RICS.
RICS has accredited at least 118,000 professionals working in the development and management of land, real estate, construction and infrastructure.
It is expected the newly formed partnership will see the two parties work together to ensure their members reach internationally recognized standards of valuation which will bring greater transparency to Saudi Arabia’s property market and help boost investor confidence in the sector.
“Ths MoU paves the way to an agreement that recognizes Taqeem real estate designated members as RICS members after mapping educational, experience and membership requirements of each respective organizations,” said Sultan Al Jorais, Secretary General of Taqeem in a statement on Sept 24.
The Taqeem real estate training program will be considered as a RICS ‘approved’ and ‘fit for purpose’ course, he said, while RICS chartered valuers are also set to be granted interim membership of Taqeem.
“We believe that this MoU also provides a great opportunity for RICS qualified members to enter the Saudi market which will add value to the profession,” said Al Jorais.