Updated:2024-11-27 02:38 Views:87
Bureau of Customs (BOC) | FILE PHOTO
MANILA, Philippines — Over P1 trillion in taxes have been collected in the country’s fuel marking program, according to the Bureau of Customs.
In data released on Tuesday, Customs reported P204.18 billion in taxes collected for fuel marking in 2024, driving the total tax collected to P1.028 trillion since the program began in 2019.
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FEATURED STORIES BUSINESS PH trade deficit seen worsening BUSINESS Transforming lives: The heart of SMDC’s 20-year journey BUSINESS BIZ BUZZ: Nico joins Erwan, Solenn for BetterBankingThe bureau added that 89.35 billion liters of fuel were marked as of November 2024.
The fuel marking program started under the Tax Reform for Acceleration and Inclusion (Train) Law, mandating the marking of refined, manufactured, or imported gasoline, diesel, and kerosene in the country after taxing the products.
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Article continues after this advertisementAccording to Customs, the program has yielded 84 arrests, 21 fuel smuggling cases and one conviction for illegal fuel trading.
Article continues after this advertisementThe data was first presented on Wednesday, November 20, at the Bureau of Customs’ briefing with international security companies SGS Philippines and SICPA to review the status of the country’s fuel marking program.
In a statement, Customs said, “With continued efforts to enhance enforcement thresholds, BOC, SGS, and SICPA remain committed to combating fuel smuggling and ensuring fair tax collection across the country.”
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