Revenues collected by government from duties and taxes slapped on fuel has amounted to P242.25 billion, since it started implementing its fuel marking program.
Data shared by Carlos Dominguez, Department of Finance secretary, to finance reporters yesterday showed the government has marked 25.03 billion liters of fuel from September 4, 2019, to June 10, 2021.
The duties and taxes collected by the Bureau of Customs from fuel products totaled to P213.87 billion.
Meanwhile, the excise taxes generated by the Bureau of Internal Revenue from petroleum products amounted to P28.39 billion.
Majority or nearly three-fourths of fuel marked so far by the government is in Luzon, while more than 20 percent and around 5 percent are in Mindanao and Visayas, respectively.
Participating companies include Petron, Shell, Unioil, Seaoil, Insular Oil, Phoenix Petroleum, Chevron, Filoil Logistics, Jetti, Marubeni, PTT, Total-Filoil, Micro Dragon, Goldenshare, Warbucks, ERA1 Petroleum, High Glory Subic, SL Harbour, Jadelink, SL Gas, Power Fill, RK3, Fueleast and Petrotrade.
The fuel marking program is mandated under the Tax Reform for Acceleration and Inclusion Law to curb oil smuggling and misdeclaration of petroleum products in the country, and increase revenue collection from taxable imported and locally refined petroleum products.
The program uses an official fuel marker, a unique chemical marker detectable at a molecular level, allowing for authorities to test, identify and distinguish petroleum products with paid excise taxes in the market from those without. – Angela Celis
