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Philippines: Government raises P453 billion from fuel marking
MANILA, Philippines — Revenue collectors have raised more than P453 billion worth of taxes through the fuel marking program by reinforcing their combined efforts against potential oil smuggling.
Finance Secretary Carlos Dominguez said yesterday the Bureau of Customs and the Bureau of Internal Revenue (BIR) added P453.43 billion to state coffers through fuel marking as of June 17.
The BOC contributed the lion’s share of the amount at P423.62 billion while the BIR contributed the remaining P29.81 billion.
In enforcing the program, Dominguez said the BIR and BOC have assessed a total of 43.05 billion liters of fuel. By segment, diesel comprised 61 percent of the volume at 26.11 billion liters, followed by gasoline (16.72 billion liters) and kerosene (218.15 million liters).
By site, nearly three-fourths of the marked fuel at 31.81 billion liters were tested from oil firms in Luzon. As for industry players in Mindanao and Visayas, they made up the rest of the volume at 8.9 billion liters and 2.34 billion liters, respectively.
Petron Corp. held its ground as the firm with most assessments, maintaining a share of 24 percent of the volume at 10.47 billion liters.
On the other hand, Pilipinas Shell Petroleum Corp., came in next with 7.69 billion liters, whereas Unioil Petroleum Philippines Inc. placed third with 4.47 billion liters.
Insular Oil Corp., with 3.71 billion liters and Seaoil Philippines Inc., with 3.57 billion liters, rounded up the leading sources for fuel marking, according to Dominguez.
Under the fuel marking program, the BOC and the BIR use a chemical identifier to determine whether a fuel bundle complied with the corresponding taxes. If a fuel contains less than 95 percent of the marker, its owner will be directed to pay the duties first and then settle the penalties.
The BOC looks into the shipments of fuel traders, while the BIR monitors the output of local refiners. Petroleum products captured by authorities can be donated to another national agency upon the approval of the finance secretary.
Source: https://www.philstar.com/business/2022/06/22/2189994/government-raises-p453-billion-fuel-marking