Bleeding the People Dry

Bleeding the People Dry. The value-added tax (VAT) on oil is contributing to the already unbearable burden foisted by the unabated spikes in prices of petroleum products, which are the result of profiteering by oil companies as well as speculation in the futures market. Lifting the VAT on oil would at least provide considerable immediate relief from the effects of oil price spikes. But the Arroyo administration refuses to lift the VAT on oil, because with this revenue measure, the government gets increased VAT collections with every oil price hike – no matter that it bleeds the people dry.

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