Gov’t nets P 192.76B in taxes from fuel marking program

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Fuel marking has allowed the federal government to gather import duties and excise taxes amounting to P192.76 billion from tax-paid oil as of mid-February, Finance Secretary Carlos Dominguez III mentioned on Monday.

These taxes got here from a complete of 19.9 billion liters of petroleum merchandise that had been injected with a chemical marker signifying right funds beneath the fuel marking program, which began in September 2019.

The Bureau of Customs (BOC) collected a cumulative P166.18 billion in duties and taxes from imported oil as of Feb. 17.

The fuel excise tax take of the Bureau of Internal Revenue (BIR), in the meantime, reached P26.58 billion as of Feb. 11.

In phrases of quantity of marked tax-paid oil merchandise, Petron had the largest with 4.51 billion liters, adopted by Shell’s 3.94 billion liters, Unioil’s 2.08 billion liters, Seaoil’s 1.67 billion liters, Chevron’s 1.48 billion liters, Phoenix’s 1.47 billion liters and Insular Oil’s 1.45 billion liters. In all, 22 oil companies are taking part in the fuel marking program.

Random discipline testing

Early this month, the BOC and the BIR began random discipline testing to complement fuel marking beneath the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

Joint Circular No. 1-2021 issued by Dominguez, Customs Commissioner Rey Leonardo Guerrero and Internal Revenue Commissioner Caesar Dulay on Feb. 1 contained the rules for the sphere and confirmatory testing on diesel, gasoline and kerosene.

Dominguez mentioned the federal government “trusts but verifies” oil merchants’ tax funds.

During the primary full yr of the fuel marking program, the federal government collected a complete of P126.51 billion in import duties and excise taxes. The BOC’s obligation and tax take amounted to P107.77 billion from September 2019 till Sept. 3 2020, whereas the Bureau of Internal Revenue collected P18.74 billion in excise taxes from December 2019 to Aug. 20 final yr.

The assortment of those taxes got here from the 12.05 billion liters of oil merchandise that had been marked by the federal government from September 2019 to Aug. 27, 2020.

In phrases of quantity, the majority of marked fuel through the first yr had been diesel at 7.48 billion liters (62.05 % of the full); gasoline, 4.51 billion liters (37.43 %), and kerosene, 61.96 million liters (0.51 %). Per geographical location of marked fuel, Luzon cornered 75 % (9.02 billion liters), Mindanao accounted for 20 % (2.41 billion liters) and the Visayas, the remaining 5 % (615.73 million liters). INQ


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