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Business

Government fuel marking program raises P802 billion

Louise Maureen Simeon - The Philippine Star
Government fuel marking program raises P802 billion
A gasoline attendant assists customers at a fuel station in East Avenue, Quezon City on November 14, 2023.
STAR / Jesse Bustos

MANILA, Philippines — The government managed to raise P802 billion from the fuel marking program that aims to curb smuggling of petroleum products.

Latest data showed that the Bureau of Customs (BOC) and the Bureau of Internal Revenue (BIR) have so far marked a combined 70.48 billion liters of petroleum products, equivalent to P801.55 billion.

About 96 percent or P771.74 billion was collected by the BOC and the remaining P29.81 billion was generated by the BIR.

The fuel marking program involves injecting chemical identifiers into tax-paid oil products and is being carried out under the Tax Reform for Acceleration and Inclusion Law to curb smuggling of petroleum products.

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 asked to pay the duties first and then settle the penalties.

Petroleum products that are unmarked, with diluted markers, or have counterfeit fuel markers shall be subject to duties and taxes, inclusive of the appropriate fines and penalties.

The BOC looks into the shipments of fuel traders, while the BIR monitors the output of local refiners.

The Customs Modernization and Tariff Act, on the other hand, permits goods that are subject to forfeiture proceedings to be donated to another agency, upon the approval of the Department of Finance.

The revenue agencies are mandated to deliver financial resources to fund the government’s programs and projects.

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