MANILA – Over PHP35 billion has been collected from duties and taxes under the Fuel Marking Program during the first quarter of the year, the Bureau of Customs (BOC) reported on Friday.
In a statement, the bureau said it earned a total of PHP35.84 billion from the markings of a total of PHP4,193,480,138 liters of kerosene, diesel, and gasoline from January to March 2021.
The BOC is mandated to mark fully paid imported petroleum products under the program.
It added that the markers serve as identifiers during field testing to determine the presence of illicit fuel in the market.
Starting from its implementation in September 2019 until March 2021, the BOC and the Bureau of Internal Revenue have marked a total of 21.7 billion liters of fuel.
It so far collected PHP211.73 billion in duties and taxes under the program.
The Fuel Marking Program aims to raise revenues while curbing fuel smuggling and leveling the Philippine oil industry’s playing field. (PNA)
Credit belongs to : www.pna.gov.ph