Last week, Finance Secretary Carlos G. Dominguez III announced Sunday that import duties and other taxes raised thanks to fuel marking were close to the P100-billion mark.
Citing a report from the Bureau of Customs (BOC), Dominguez said that from September last year to August 12, 11.19 billion liters of oil products across the country were already injected. In addition, the injection is with a chemical marker meaning proper tax payments.
The fuel marking has ensured the collection of P99.8 billion in taxes from 20 participating oil companies.
Petron (2.6 billion liters or 23.4 percent of the total). Second, Shell (2.3 billion liters or 20.5 percent of the total). And the last was Unioil (1.2 billion liters or 10.4 percent of the total). It belonged to the biggest amounts of tax-paid oil to date.
The 17 participants in the fuel labeling program included Chevron, Era1, Filoil, Goldenshare, High Glory Subic, Insular Oil, Jadelink, Jetti, Marubeni, Micro Dragon, Phoenix, PTT, Seaoil, SL Gas, SL Harbor, Total / Filoil, and Warbucks.
Of the marked fuel, 6.9 billion liters or 62.4 percent of the total volume were diesel; 4.2 billion liters (37.1 percent) were gasoline, and 56.2 million liters (0.5 percent) were kerosene.
The majority of 75% of the identified oil products were in Luzon, 20% in Mindanao, and 5% in the Visayas.
BOC jointly implemented with The Fel Marking project and the Bureau of Internal Revenue ( BIR).
Last year, the Department of Finance ( DOF) projected the nationwide amount of oil products to be marked at 15.2 billion liters, with an additional P20 billion in tax revenue anticipated to be collected this year from the initiative to combat smuggling and misdeclaration.
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