www.republika-online.com

Loading...

Gov’t earns P131B from fuel marking

Republika

The fuel marking program has paid the government about P131.17 billion in taxes until the middle of September this year.

The bulk of the collections are made by the Bureau of Customs (BOC) amounting to P112.35 billion, data from the Department of Finance (DOF) indicated.

Specifically, BOC revenues came from duties and taxes collected from 20 oil companies from September 2019 until Sept. 17, 2020.

Excise taxes collected by the Bureau of Internal Revenue (BIR) from December 2019 until Sept. 10, 2020 amounted to PHP18.82 billion. These taxes are from the total of 12.71 billion liters of oil.

In terms of fuel type, diesel registered the highest volume that has been marked at about 7.92 billion liters or 62.30 percent of the total.
Gasoline came in second with about 4.73 billion liters, or 37.19 percent; and then kerosene, 64.09 million liters or about 0.50 percent.

Fuel marking is one of the government’s solutions to address oil smuggling, which hinders the collection of about PHP20 billion worth of revenues a year. This program is a requirement under the Tax Reform for Acceleration and Inclusion (TRAIN) law.


Same Category

Business

SMC fulfills ‘dream highway’

Republika
Business

US study cites improved PH investment climate

Republika
Business

BSP lauds thrift banks’ resiliency

Republika
Business

Four companies allowed to build LNG terminals

Republika