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Dominguez: P384.8B in oil taxes collected through fuel marking


Oil taxes

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MANILA, Philippines—Oil taxes collected by the federal government with the assistance of fuel marking additional rose to P384.8 billion as of mid-March, Finance Secretary Carlos Dominguez III stated on Tuesday (March 15).

Dominguez stated oil import duties and excise because the fuel marking program began in September 2019 till March 11 of this 12 months had been generated from a complete of 38.3 billion liters of tax-paid merchandise.

So far, the Bureau of Customs (BOC) collected P354.9 billion in tariffs from imported oil whereas the Bureau of Inside Income (BIR) had contributed P29.8 billion in excise as of the tip of final 12 months.

When it comes to quantity, fuel-marked diesel accounted for 60.7 p.c of tax-paid oil to this point, equal to 23.2 billion liters. Fuel-marked gasoline reached 14.9 billion liters whereas tax-paid kerosene quantity hit 200.9 million liters.

Almost three-fourths of the marked oil quantity was in Luzon, with 28.2 billion liters to this point. Tax-compliant oil volumes in Visayas and Mindanao reached greater than eight billion liters and a pair of.1 billion liters.

Among the many 28 firms collaborating in the fuel marking program, the most important quantity belonged to Petron — 9.3 billion liters or almost one-fourth of the overall.

Fuel marking entailed injecting a chemical marker signifying appropriate tax funds. It was aimed toward curbing oil smuggling.

Earlier than the Tax Reform for Acceleration and Inclusion (TRAIN) Act—which carried out fuel marking—took impact in 2018, authorities and trade estimates had proven that foregone revenues from smuggled oil had been equal to over half of precise duties and taxes collected by the BOC and the BIR, or about P27-44 billion yearly.

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