TaxPersonal TaxAccountants fuel petrol price debate

Accountants fuel petrol price debate

The accountancy profession is leading the way with proposals ease the fuel crisis which is placing the government under increasing pressure.

ACCA was set this week to release details of its ideas for a rebate of the duty paid on fuel while experts at the country’s biggest firm, PricewaterhouseCoopers, were openly talking of a benchmarking procedure that would see duty respond to fluctuations in the price of crude oil.

The proposals emerged as protestors increased their activity to blockade fuel depots in a bid to get petrol and diesel prices reduced and prompting long queues at filling stations such as the one above in Chester.

Chas Roy-Chowdhury, head of taxation at ACCA, said it would propose to government a rebate on duty because high rates of tax created ‘competitive disadvantage’ for business users.

He said: ‘Demand for fuel is inelastic so the government’s been taxing everybody in site, so people are very supportive of the hauliers.’

Richard Watson, head of indirect taxation automotive group at PwC, favours a bench-marking procedure to keep fuel at a stable price. When the price of crude oil goes up the duty is cut, when the price comes down duty rises.

Toll VAT compounds motorists’ misery

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