The Department of Energy (DOE) has recently issued draft circular guidelines outlining audit, reportorial, and remittance obligations for various sectors, including upstream, renewable energy, small-scale coal mining, coal traders, power generating firms, and energy resource developers.
Manila Standard reported that under the draft circular, deadlines and fines are applied to stakeholders who fail to comply with their reporting and remittance duties.
Furthermore, this circular would apply to all entities that are into the utilization, exploration, and development of power generation, renewable energy, coal, and petroleum.
After each billing quarter of the year ends, GenCos and ERDs must submit a properly completed energy sales report as well as an allocation and remittance report per power plant, no later than sixty days, to the DOE.
Furthermore, the DOE stated that it would commence the audit of the books of accounts within 36 months after the conclusion of each calendar year.
