Govt raises P242B from fuel-marking program

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The government has generated P242 billion in duties and taxes as a result of its fuel-marking program.

 

According to a report, l tax receipts of P242.25 billion were equal to 25.03 billion liters of marked fuel goods from September 4, 2019 to June 10, this year.

 

From September 2019 to June 10, 2021, the Bureau of Customs collected P213.86 billion, and the Bureau of Internal Revenue raked P28.38 billion from December 2019 to June 10 this year.

 

Diesel accounted for 60 percent of all designated fuel goods, followed by gasoline with 38 percent, and kerosene with 0.54 percent.

 

Luzon accounted for 73.36 percent of the marked products, followed by Mindanao with 21.35 percent, and the Visayas with 5.39 percent.

 

Participating companies were Petron Corp., Pilipinas Shell Petroleum Corp., Unioil Petroleum Philippines Inc., Seaoil Philippines Inc., Phoenix Petroleum Philippines Inc., Insular Oil Corp., Chevron Philippines Inc., Filoil Energy Co. Inc., Jetti Petroleum Inc., Marubeni Philippines Corp., PTT Philippines Corp., Total and Filoil Energy Co., 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, RK3 International Trading Inc. , Fueleast, and Petrotrade.

 

Republic Act 10963, also known as the “Tax Reform for Acceleration and Inclusion Act,” mandates the program with the goal of reducing oil smuggling and misdeclaration of petroleum products in the country, while also increasing revenue collection from taxable imported and locally refined fuel products.

 

BY MEYNARD DELA CERNA

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