Govt collects P218B through fuel marking

THE government has so far collected P218 billion in duties and taxes through its fuel-marking program, data from the Finance department showed.

Data released by Finance Secretary Carlos Dominguez 3rd to reporters on Monday showed that the actual P218.05 billion tax take from Sept. 4, 2019 to April 15, 2021 was equivalent to 22.40 billion liters of marked fuel products.

In a breakdown, P190.18 billion was collected by the Bureau of Customs from September 2019 to April 15 this year while P27.87 billion was generated by the Bureau of Internal Revenue from December 2019 to March 31,2020.

Of the total marked fuel products, 60.73 percent was from diesel, 38.74 percent from gasoline, and 0.54 percent from kerosene.

By location, majority, or 73.68 percent, of the marked fuel products came from Luzon; 21.08 percent, from Mindanao; and 5.24 percent, from the Visayas.

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., Total and Filoil Energy Co., Marubeni Philippines Corp., PTT Philippines Corp., 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 and Petro Trade.

The fuel-marking program is mandated under Republic Act 10963, or the “Tax Reform for Acceleration and Inclusion Act,” to curb oil smuggling and misdeclaration of petroleum products in the country, and increase revenue collection from taxable imported and locally refined fuel products.

The program is projected to generate an additional P20 billion in government revenues.

The nationwide fuel testing and program enforcement on the retail side started on Feb. 3, 2020. Switzerland-based security ink company Sicpa SA and verification and certification firm SGS Philippines were hired to implement it.