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The government has already collected P162.8 billion in consumption taxes and import duties applied to oil, since all the inventory in the country has been marked with fuel, said Finance Secretary Carlos Domínguez III.
“Our goal is to have 100 percent of the fuel oil inventory checked at any given time,” Domínguez said Friday.
The latest fuel marking data provided by Domínguez showed that 16.4 billion liters of petroleum products were injected with a chemical marker signifying correct tax payments during the period from September 4 of last year to December 8 of this year.
The Customs Office (BOC) collected P140.7 billion in tariffs and other taxes on imported oil, while the Bureau of Internal Revenue (BIR) excise tax on locally refined products amounted to P22.1 billion .
Until last week, 10.1 billion liters of diesel, 6.2 billion liters of gasoline and 87.9 million liters of kerosene were marked.
Almost three-quarters of these marked fuels or 12.2 billion liters are in Luzon, 3.4 billion liters in Mindanao and 833.7 million liters in Visayas.
Of the 22 oil companies that participated in the fuel marking program, the largest volumes of tax-paid products belonged to Petron (3.8 billion liters), Shell (3.2 billion liters), Unioil (1.7 billion liters). ), Seaoil (1.4 billion liters). , Chevron (1.3 billion liters), Phoenix (1.2 billion liters) and Insular Oil (1.1 billion liters).
Since September, the government has collected P0.06884 per liter, including value-added tax, in fuel marking fees, as the one-year free coverage expired.
As part of the Tax Reform Law for Acceleration and Inclusion, fuel marking aims to eliminate oil smuggling and misstatements, which in the past resulted in foregone income reaching almost half of the combined BOC and BIR collections of the commodity.
Last month, Domínguez said smuggling was declining amid soaring tax revenues generated by imported oil. –Ben O. de Vera INQ
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