Leading independent oil company Phoenix Petroleum Philippines said it is willing to pay taxes in advance to support the government’s proposed tax reform program.
“We support the administration’s plan on tax reforms,” Phoenix Petroleum president and chief executive Dennis Uy said during the annual stockholders’ meeting on March 15.
“One of the ways we can support the government’s revenue-generating efforts is to pre-pay the excise taxes for imported fuel and petroleum products for a period,” Uy said.
The proposed tax reform program is seen to increase government revenues, improve the business environment and sustain economic growth.
The Finance Department proposed adjusting excise taxes on automobiles and petroleum products, implementing fuel marking and reducing personal income taxes as part of its comprehensive tax reform package.
It also assured that industries would continue to grow and consumers would benefit from higher take-home pay through lower income taxes.
Phoenix Petroleum is the fastest-growing and number one independent oil company in the country.