Latest news with #VACC
Yahoo
05-08-2025
- Automotive
- Yahoo
'Hidden tax' to hit Aussies from this week in fresh cost-of-living blow
Aussie motorists will pay more for petrol and diesel at the bowser from this week following another increase to the fuel excise. The fuel excise increases twice a year in line with inflation in February and August. The fuel excise on petrol and diesel rose from 50.8 to 51.6 cents per litre on Monday. This is a flat sales tax levied by the federal government on petrol and diesel bought at the bowser, and is on top of GST. Based on filling up a 55L tank, the increase works out to an extra 44 cents per tank. Aussie motorists paid an estimated $15.71 billion in net fuel excise in 2023-24 and are expected to pay $67.6 billion over the four years to 2026-27. RELATED New $363 EV tax plan for electric car drivers amid $67.6 billion cost St George slammed over 'obscene' cash withdrawal move as thousands struggle Commonwealth Bank reveals LMI home loan changes for borrowers The Victorian Automobile Chamber of Commerce (VACC) has criticised the increase, saying it would lead to higher prices for families and businesses already struggling with cost-of-living pressures. "This is an indiscriminate tax that disproportionately affects low-income earners and families who rely on their vehicles for work and essential travel," VACC CEO Peter Jones said. The group has labelled the excise a "hidden tax", given that it is built into the price displayed at the petrol pump. "Motorists deserve transparency about how their fuel is priced. They need to understand that fuel excise isn't a static tax – the government increases it every six months, and it's a significant component of what they pay at the pump," Jones said. In the 2023-24 financial year, the Australian Automobile Association found the fuel excise bill for the typical household was about $1,283. What is the fuel excise? The fuel excise increases twice a year in line with the Consumer Price Index, which rose by 0.7 per cent in the June quarter and 2.1 per cent over the 12 months to June. The fuel excise was originally introduced to help pay for our roads, with all or part of the excise earmarked for spending on roads between 1926 and 1959. But since then, it has generally been available for any spending. Over the decade to 2022-23, the Australian Automobile Association found only 57 per cent of fuel excise was reinvested in land transport projects. When was the fuel excise cut? The fuel excise was halved for six months in 2022 by the previous Coalition government to ease cost-of-living pressures. The Opposition also promised to halve the tax for 12 months should it win this year's federal election and claimed it would save motorists $700 per year; however, this didn't happen. What about EVs? With more Aussies buying electric vehicles, the revenue generated from the fuel excise is expected to drop significantly. A record of just over 10 per cent (13,169 vehicles) of new car sales were electric in June, according to data from the Federal Chamber of Automotive Industries and Electric Vehicle Council. Australia's new vehicle emissions standards, which became mandatory in July 2025, are designed to accelerate EV uptake. Treasurer Jim Chalmers previously flagged a new road user charge that would include EV drivers to replace the fuel excise. New South Wales has confirmed plans to introduce a road user charge from 2027, or when EVs reach 30 per cent of new car in retrieving data Sign in to access your portfolio Error in retrieving data
7NEWS
04-08-2025
- Automotive
- 7NEWS
Petrol and diesel prices to rise following another fuel excise increase
Australians will pay more for petrol and diesel following another fuel excise increase from today, August 4, prompting renewed calls for the 'hidden tax' to be axed in favour of a national road user charge. The second increase this year will see the fuel excise on petrol and diesel rise from 50.8 to 51.6 cents per litre, an impost that fuel retailers will be forced to pass on to consumers at the bowser. Victorian Automobile Chamber of Commerce (VACC) CEO Peter Jones said the latest fuel excise increase was 'a predictable six-monthly tax grab' that will hit the pockets of families and businesses already struggling with cost-of-living pressures. CarExpert can save you thousands on a new car. Click here to get a great deal. 'This is an indiscriminate tax that disproportionately affects low-income earners and families who rely on their vehicles for work and essential travel,' said Mr Jones in a statement. The VACC says fuel excise is effectively a hidden tax, because unlike other government charges it's built into the price displayed at the pump, meaning consumers are often unaware they're paying this substantial government levy on every litre purchased. Motorists are then forced to pay the 10 per cent Goods and Services Tax (GST) on top of the fuel excise, effectively making it a tax on a tax. 'It's a clear double dip by the Federal Government. Motorists are being slugged with excise, then charged GST on that excise. It's no wonder Australia continues to have some of the highest fuel costs in the developed world,' said Mr Jones. 'Motorists deserve transparency about how their fuel is priced. They need to understand that fuel excise isn't a static tax – the government increases it every six months, and it's a significant component of what they pay at the pump.' Fuel excise increases twice annually in line with the Consumer Price Index (CPI), which rose by 0.7 per cent in the June quarter and 2.1 per cent in the 12 months to June. The August 4 fuel excise increase amounts to about 1.5 per cent. Fuel tax was originally designed to fund road infrastructure and maintenance, but research by the AAA found only 57 per cent of fuel excise revenue in the decade to the 2022-23 financial year was reinvested in public transport and roads. Prior to the last federal election the Opposition promised to halve the controversial tax for 12 months, claiming savings of $700 per year for motorists. That didn't happen and Australian Government revenue from fuel excise is now expected to increase over the next few years to about $17.7 billion in the 2026-27 financial year – up from $15.71bn in 2023-24. The Opposition also promised to abolish fines for auto brands that exceed tightening CO2 limits across their model ranges under the New Vehicle Efficiency Standard (NVES), which is designed to accelerate the uptake of zero- and low-emissions vehicles between 2025 and 2029. But as more Australians transition to hybrids (HEVs), plug-in hybrids (PHEVs) and battery-electric vehicles (EVs), fuel excise revenue is expected to decline significantly, creating pressure on government to develop alternative funding mechanisms for road infrastructure. The VACC is among a number of auto industry organisations now advocating for a national road user charging system, which it says would 'ensure fair contributions from all road users whilst avoiding a patchwork of state-based policies'. Zero- and low-emissions vehicle charges implemented or planned by states including Victoria, NSW, South Australia and Western Australia to help fund road maintenance have now been scrapped following a 2023 High Court ruling which deemed Victoria's levy on EV and PHEV drivers as an excise and therefore invalid under the Constitution, which states that only the Commonwealth Parliament (not states or territories) can 'impose duties of customs and excise'.
Perth Now
04-08-2025
- Automotive
- Perth Now
Petrol and diesel prices to rise following another fuel excise increase
Australians will pay more for petrol and diesel following another fuel excise increase from today, August 4, prompting renewed calls for the 'hidden tax' to be axed in favour of a national road user charge. The second increase this year will see the fuel excise on petrol and diesel rise from 50.8 to 51.6 cents per litre, an impost that fuel retailers will be forced to pass on to consumers at the bowser. Victorian Automobile Chamber of Commerce (VACC) CEO Peter Jones said the latest fuel excise increase was 'a predictable six-monthly tax grab' that will hit the pockets of families and businesses already struggling with cost-of-living pressures. CarExpert can save you thousands on a new car. Click here to get a great deal. Supplied Credit: CarExpert 'This is an indiscriminate tax that disproportionately affects low-income earners and families who rely on their vehicles for work and essential travel,' said Mr Jones in a statement. The VACC says fuel excise is effectively a hidden tax, because unlike other government charges it's built into the price displayed at the pump, meaning consumers are often unaware they're paying this substantial government levy on every litre purchased. Motorists are then forced to pay the 10 per cent Goods and Services Tax (GST) on top of the fuel excise, effectively making it a tax on a tax. 'It's a clear double dip by the Federal Government. Motorists are being slugged with excise, then charged GST on that excise. It's no wonder Australia continues to have some of the highest fuel costs in the developed world,' said Mr Jones. Supplied Credit: CarExpert 'Motorists deserve transparency about how their fuel is priced. They need to understand that fuel excise isn't a static tax – the government increases it every six months, and it's a significant component of what they pay at the pump.' Fuel excise increases twice annually in line with the Consumer Price Index (CPI), which rose by 0.7 per cent in the June quarter and 2.1 per cent in the 12 months to June. The August 4 fuel excise increase amounts to about 1.5 per cent. Fuel tax was originally designed to fund road infrastructure and maintenance, but research by the AAA found only 57 per cent of fuel excise revenue in the decade to the 2022-23 financial year was reinvested in public transport and roads. Prior to the last federal election the Opposition promised to halve the controversial tax for 12 months, claiming savings of $700 per year for motorists. That didn't happen and Australian Government revenue from fuel excise is now expected to increase over the next few years to about $17.7 billion in the 2026-27 financial year – up from $15.71bn in 2023-24. Supplied Credit: CarExpert The Opposition also promised to abolish fines for auto brands that exceed tightening CO2 limits across their model ranges under the New Vehicle Efficiency Standard (NVES), which is designed to accelerate the uptake of zero- and low-emissions vehicles between 2025 and 2029. But as more Australians transition to hybrids (HEVs), plug-in hybrids (PHEVs) and battery-electric vehicles (EVs), fuel excise revenue is expected to decline significantly, creating pressure on government to develop alternative funding mechanisms for road infrastructure. The VACC is among a number of auto industry organisations now advocating for a national road user charging system, which it says would 'ensure fair contributions from all road users whilst avoiding a patchwork of state-based policies'. Zero- and low-emissions vehicle charges implemented or planned by states including Victoria, NSW, South Australia and Western Australia to help fund road maintenance have now been scrapped following a 2023 High Court ruling which deemed Victoria's levy on EV and PHEV drivers as an excise and therefore invalid under the Constitution, which states that only the Commonwealth Parliament (not states or territories) can 'impose duties of customs and excise'.
Miami Herald
30-06-2025
- Business
- Miami Herald
Miami's Venezuelan business community launches relief drive after rains displace thousands
The Venezuelan business community in Miami has launched a donation campaign to help those affected by the torrential rains that have ravaged more than five states in Venezuela, leaving at least one person dead and over 8,000 people displaced. Heavy rainfall, caused by a tropical wave, has destroyed homes, washed away bridges, damaged other key infrastructure, ruined agricultural crops, disrupted electricity and drinking water services, and left thousands of families cut off due to flooding and landslides. In response to the national emergency, the Venezuelan-American Chamber of Commerce (VACC), based in Miami, has activated a relief campaign through its VACC Foundation. The effort will channel humanitarian assistance through Caritas Venezuela and the Dividendo Voluntario para la Comunidad. 'These intense rains have left thousands of Venezuelan families homeless, without access to food, clean water, or medical care. Now more than ever, our solidarity can save lives,' said the VACC Foundation. Donations can be made at: Venezuelan authorities have declared a state of emergency and ordered a military deployment to support Civil Protection and Fire Department rescue efforts. The states most affected are Barinas, Portuguesa, Trujillo, Táchira, and Mérida, the latter suffering the worst damage. In Mérida, the flooding of the Chama River has damaged 16 bridges and 25 roads, according to reports from state-run Telesur. In Portuguesa, part of the José Antonio Páez Highway collapsed after one of its bridges gave way. Venezuelan Vice President Delcy Rodríguez said rainfall in these regions increased by 300% compared to conditions before the arrival of the tropical wave. Several relief collection centers have been set up across Venezuela, according to Noticias Caracol.
Coin Geek
30-06-2025
- Business
- Coin Geek
Kenya scraps 3% digital asset tax following industry uproar
Getting your Trinity Audio player ready... Kenya has scrapped a controversial 3% digital asset tax that would have taken effect in a few weeks following industry uproar and concerted lobbying from local and regional virtual asset service providers (VASPs). The tax was first proposed two years ago, and since then, the sector has been pushing back against it. In the past year, this pushback has accelerated as industry stakeholders joined hands to rally against the proposal, led by the local Virtual Assets Chamber of Commerce (VACC). Legislators have finally caved. According to local outlets, the Kenyan parliament's finance committee withdrew the proposal from the 2025 finance bill, which lawmakers passed in mid-June and which President William Ruto signed into law last week. Under the Income Act, the committee repealed section 12F to scrap the proposed tax in a big win for one of Africa's largest digital asset markets. Instead, the government will impose a 10% excise duty on all the transaction fees that exchanges and wallets levy on their users. According to MP Kuria Kimani, who heads the committee, the lobbying efforts by the country's VASPs played a vital role in the tax amendments. These companies have banded together this year to make their voices heard, enlisting the services of PwC as an advisor. In May, a group led by the VACC and local companies like Busha, Swypt, Kotani Pay, and Luno presented their case before the finance committee. In addition to fighting the 3% tax, the group called for digital assets to be classified as property and subjected to capital gains tax only, and for VASPs to be recognized as financial institutions. 'Fundamentally, as an industry, we would prefer to be regulated in terms of the offered service and not the underlying technology,' Keega Gakuua, the co-founder of local digital asset payments firm Swypt, told the lawmakers at the time. Digital asset taxation remains a challenge for most governments, with even the most advanced economies, like the United States and the United Kingdom, still struggling with taxation. One study found that in 2022, only 1.6% of American digital asset owners paid taxes, and even then, the country ranked in the top 10 for compliance. This study ranked Finland first for tax compliance at 4.1%. Still, some economies are giving tax breaks to digital asset holders to stimulate industry growth. Thailand recently approved a five-year tax exemption plan for the sector, joining island nations like the Bahamas and the Cayman Islands. Others like Singapore and the United Arab Emirates impose no capital gains tax for holders, while Portugal extends the same offer, but only to those who hold their assets for more than a year. Kenyan MPs approve five joint regulators for digital asset sector Away from the taxation, the finance committee of the National Assembly has approved a proposal to have five regulators jointly oversee the digital asset sector. The proposal was introduced by social enterprise organization Credence Africa, reports local newspaper Daily Nation. If it gets the backing of the full House, it will see the central bank jointly oversee 'crypto' with the Capital Markets Authority (CMA), the Competition Authority of Kenya, the Communications Authority and the Office of the Data Protection Commissioner. The proposal would also give leeway to the Cabinet to appoint any other regulator to police the sector. It covers any company dealing in 'crypto,' tokens or 'a number held in digital form and generated through cryptographic means and providing a digital representation of value exchanged.' Crucially, the committee also approved a separate proposal to scrap a clause in the Virtual Asset Service Providers Bill that gave regulators authority to conduct off-site surveillance. While calling for the amendment, the VACC deemed the clause too vague and as offering no clear definition of what off-site surveillance entailed. But while many laud Kenya's digital asset regulatory strides, some smaller VASPs are decrying a perceived regulatory capture by major companies, led by Binance. They claim that Binance has been sponsoring lobby groups, including VACC, and that it's getting a seat at the regulators' table under the pretext of policy reform. 'All regulation conversations by VACC that happened recently have been sponsored by Binance. Then VACC, a private consulting entity, with a non-compete with Binance 'magically' gets a regulatory seat? How is this fair? How is this constitutional?' one source at a local exchange told Kenyan Wall Street. Watch: Bitcoin tech is all about unleashing potential for small people title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen> Binance Credence Africa Kenya Regulation Tax Virtual Assets Chamber of Commerce
