TOTAL duties and taxes collected by the government through its fuel marking program have so far reached nearly P200 billion.
The government already marked 20.55 billion liters of fuel since the program started in September 2019 until March 4 this year, according to an infographic shared by Finance Secretary Carlos G. Dominguez III with reporters.
Of the P199.61 billion total duties and taxes, the bulk or P172.47 billion was collected by the Bureau of Customs while the remaining P27.14 billion was collected by the Bureau of Internal Revenue.
By fuel type, diesel comprised 60.89 percent of fuel marked, followed by gasoline (38.57 percent) and kerosene (0.54 percent).
Most of the fuel marked was in Luzon (73.63 percent), then Mindanao (21.06 percent) and Visayas (5.3 percent).
Topping the list of 22 companies that participated in the fuel marking program is Petron with a 22.57 percent share or 4.64 billion liters of fuel marked.
Next to Petron is Shell with 19.93 percent or 4.097 billion liters, followed by Unioil with 10.34 percent or 2.12 billion liters, Seaoil with 8.22 percent or 1.69 billion liters and Phoenix with 7.4 percent or 1.52 billion liters.
Fuel marking makes use of a unique chemical marker that can be embedded at a molecular level in petroleum products—gasoline, diesel and kerosene—thereby enabling authorities to test, identify and distinguish petroleum products with paid excise taxes.
Under Republic Act 10963 or the Tax Reform for Acceleration and Inclusion Act (TRAIN), petroleum products that are refined, manufactured or imported to the Philippines such as, but not limited to, unleaded premium gasoline, kerosene, and diesel, shall be marked by an official marking agent after payment of taxes and duties.
The fuel-marking program was launched with the aim of halting illegal importation, manufacturing and other fraudulent activities relating to the use and sale of petroleum products in the country.
Image credits: APRead full article on BusinessMirror
