Power

Fuel marking generates P132 in duties, taxes from diesel, gasoline imports

The government has collected about P131.17 billion worth of taxes until the middle of September from the implementation of the fuel marking program.

Data from the Department of Finance (DOF) showed that the bulk of the collections were accounted for by the Bureau of Customs (BOC) with P112.35 billion, specifically 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 P18.82 billion.

These taxes are from a total of 12.71 billion liters of oil.

In terms of fuel type, diesel registered the highest volume marked at 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.

Most or about 75 percent of the marked fuel are from Luzon-based oil companies, followed by those from Mindanao, 20 percent; and Visayas, 5 percent.

Total volume of marked fuel from Luzon-based companies reached almost 9.5 billion liters, followed by the about 2.6 billion liters from Mindanao, and the 620.01 million liters from the Visayas.

Fuel marking is one of the government’s solutions to address oil smuggling, which hinders the collection of about P20 billion worth of revenues a year.

This program is a requirement under the Tax Reform for Acceleration and Inclusion (TRAIN) law.

To date, the companies that are part of this program are Petron, Shell, Unioil, Chevron, Seaoil, Phoenix Petroleum, Insular Oil, the joint venture of Total and Filoil, Jetti, PTT, Marubeni, Micro Dragon, Filoil, Warbucks, SL Harbor, Goldenshare, High Glory Subic, Erai, SL Gas, and Jadelink. (PNA)

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