Fuel Marking Program Revenue Tops P130B

Taxes collected by the government starting from the fuel marking program implementation up until mid-September amounted to P131.17 billion, according to data from the Department of Finance (DOF).

The taxes are from the total of 12.71 billion liters of oil such as Diesel, Gasoline, and Kerosene.

The Bureau of Customs (BOC) accounts for a large part of the tax collection that amounts to PHP112.35 billion which were duties and taxes from 20 oil companies dated September 2019 until Sept. 17, 2020.

Meanwhile, the Bureau of Internal Revenue also collected excise tax from December 2019 to Sept. 10, 2020 that amounts to PHP18.82 billion.

Diesel registered the highest marked volume at around 7.92 billion liters or 62.30 percent of the total. Gasoline is second with 4.73 billion liters, or 37.19 percent; followed by kerosene, 64.09 million liters or about 0.50 percent.

Around 75 percent of the marked fuel are from Luzon-based oil companies, reaching around 9.5 billion liters; followed by Mindanao at 20 percent or 2.6 billion liters; and Visayas at 5 percent or around 620.01 million liters.

Fuel marking is done by the government to hinder the loss of about P20 billion in revenue per year due to oil smuggling. Fuel marking is also a requirement under the Tax Reform for Acceleration and Inclusion (TRAIN) law. (GFB)