The fuel tax applied to diesel will go down a penny per gallon, while gasoline will continue the same, announced on Monday the office of the minister of Finance, Mário Centeno.
When in February rose by the Tax on Oil and Energy Products (ISP) at six cents, the Government undertook to review the rate of tax this year in three months, always in the neutrality of the tax, taking into account the evolution of the reference prices of petroleum products and its impact on VAT revenue.
After rising six cents in February, the ISP went down a cent in the first quarterly review (in May), for both gasoline as diesel, and remained the same in the second review (in August).
Now, and taking into account the evolution of prices, the Government decided to reduce only the rate applied to diesel fuel. The Ministry of Finance explains that, "according to the methodology followed in the previous quarterly reviews, such variation of the reference price of the fuel justifies a reduction of the ISP of a cent for gasoline and two cents on diesel fuel, in relationship to the rates laid down in Ordinance no. 24-A/2016, of 11 of February." But "once, in May, had already been achieved in the reduction of a penny in gasoline and in diesel, it was decided now to keep that reduction in gasoline [that is, no new descent] and reduce additionally a cent of tax on diesel".
To decide if the ISP rises, falls or remains unchanged, the Government makes a comparison of the prices of reference gasoline and diesel determined by the National Authority for the Market of Fuels (TNGC). Compares the values of January (the month preceding the update of the ISP) with the values of the month preceding the review (in this case, the prices of October). In this comparison, are excluded from the effects of the ordinance that increased the ISP in February. For each variation of 4.5 cents, the tax goes up or down a penny.
In January, the Government says, the prices of reference gasoline and diesel determined by TNGC "amounted, respectively, to 1,118 euros and the 0,861 euros"; – in October, and leaving out excluding the effects, there was a price increase in 0,094 euros in gasoline and 0,128 euros in diesel, refers to the cabinet of Rye.
As the goal is to maintain fiscal neutrality, the ministry underlines that the reduction of the revenue of the ISP due to the decrease in the tax rate applied to diesel fuel "tends to be compensated by the increase of VAT revenue, as a result of the increase in fuel prices".
The increase in the rate from February is responsible for a part of the 21% increase in the revenue of the ISP in the first nine months of the year.
in September, the State came in with the tax 2444 million euros, more 763,3 million euros than in the same period of 2015, which represents an increase on the order of 45%. In these accounts, it is necessary, however, to discount the achievement of a reformulation of accounting that until September is worth more than 400 million euros, making with that the tax is to grow to 20.8%.
This year, are accounted for with the revenue of ISP the contribution on the service road (389,9 million euros up to September), the consignment to the Portuguese Carbon Fund (11.7 million) and the revenue related to the Forest Fund Permanent (11.5 million). If before this recipe came all the months in the heading of the Autonomous Funds and Services, now appears in the accounts of the ISP, distorting the comparison in the first year in which it applies the change to the accounting.
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