DOF collects Php163B from fuel-marking program

DOF

The Department of Finance (DOF) has collected Php163 billion in duties and taxes  from 16.4 billion liters of marked fuel products.

Based on data from the DOF, the Bureau of Customs collected Php141 billion from September 4, 2019 to December 8, 2020; while the Bureau of Internal Revenue generated Php22 billion from December 2019 to December 3, 2020.

Of the total marked fuel products, 61.7% was from diesel, 37.8% from gasoline, and 0.5% from kerosene.

Location-wise, majority, or 74.2%, came from Luzon; 20.7% from Mindanao; and 5.1% from the Visayas.

The fuel-marking program, which is projected to give the government an additional Php20 billion in revenues, is mandated under Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law.

The program intends to fight oil smuggling and misdeclaration of fuel products within the country, thereby increasing revenue collection from taxable imported and locally refined petroleum products.

 

Photo from DOF FB page.

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