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Revenues from fuel marking hit P131-B
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. (File” Pexels Photo)
MANILA – The government has collected about PHP131.17 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 are made by the Bureau of Customs (BOC) amounting to PHP112.35 billion.
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.
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 PHP20 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.
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