Home Top News and Stories Philippines News Headline About P192B collected from fuel-marking program

About P192B collected from fuel-marking program

0
   

About P192B collected from fuel-marking program

The government has so far collected more than P192 billion in duties and taxes through its fuel-marking program, according to the Department of Finance (DoF).

Data released by Finance Secretary Carlos Dominguez 3rd to reporters on Monday showed that the actual P192.7-billion tax take from September 4, 2019 to February 17, 2021 was equivalent to 19.90 billion liters of marked fuel products.

In a breakdown, P166.17 billion was collected by the Bureau of Customs from September 2019 to February 17, this year while P26.58 billion was generated by the Bureau of Internal Revenue from December 2019 to February 11.

Of the total marked fuel products, 61.23 percent was from diesel, 38.24 percent from gasoline and 0.53 percent from kerosene.

By location, majority, or 73.82 percent of the marked fuel products came from Luzon; 21.06 percent, from Mindanao; and 5.12 percent, from the Visayas.

Participating companies were Petron Corp., Pilipinas Shell Petroleum Corp., Unioil Petroleum Philippines Inc., Seaoil Philippines Inc., Chevron Philippines Inc., Phoenix Petroleum Philippines Inc., C Insular Oil Corp., Filoil Energy Co. Inc., Jetti Petroleum Inc., Total and Filoil Energy Co., Marubeni Philippines Corp., PTT Philippines Corp., Micro Dragon Petroleum Inc., Goldenshare Commerce, Warbucks Industries Inc., Era1 Petroleum Corp., High Glory Subic International Logistics Inc., SL Harbor Bulk Terminal Corp., Jadelink Subic Inc., SL Gas, Power Fill, and Petro Trade.

The fuel-marking program is mandated under Republic Act 10963, or the “Tax Reform for Acceleration and Inclusion Act,” to curb oil smuggling and misdeclaration of petroleum products in the country, and increase revenue collection from taxable imported and locally refined fuel products.

The program is projected to generate an additional P20 billion in government revenues.

The nationwide fuel testing and program enforcement on the retail side started on February 3 last year. Switzerland-based security ink company Sicpa SA and verification and certification firm SGS Philippines were hired to implement it.

After a three-month “flush-out period,” random field testing will be conducted by the Internal Revenue and Customs bureaus, Sicpa SA and SGS Philippines to determine the presence and/or dilution level of the fuel marker in petroleum products.

Fuels found unmarked or with marker levels below the prescribed dilution level would be subjected to confirmatory tests, and corresponding duties and taxes would be collected if required.