Issue of January 7, 2018

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DOE: New excise tax on fuel only for fresh supply
by Jane B. Cadalig

The new excise tax rates on petroleum products is only applicable to fresh stock or fresh supply of oil firms, the Department of Energy clarified.

This is why the DOE required oil companies to submit an inventory of their 2017 supply to allow the agency to monitor firms  and retailers that might use the new Tax Reform Inclusion and Acceleration (Train) for profiteering.

The DOE also asked the public to be vigilant and report those who take advantage of the Train implementation.

Usec. Donato M. Marcos, in a memorandum to oil companies, directed the companies to submit a notarized inventory report of their petroleum products as of Dec. 31, 2017. Oil firms were given until Jan. 5 to submit their inventory.

The memo added the inventory should be on per depot and per product basis and the oil firms should submit starting Jan. 1 the daily summary of extraction (of the inventoried supply) until the declared Dec. 31, 2017 stocks shall have been depleted. Only then can the firms apply the excise tax under the Train.

The DOE also required retailers to post in a conspicuous area a one-meter by one-meter signage indicating the new excise tax implementation.

In a statement, Sec. Alfonso G. Cusi said that oil industry participants that violate the DOE memorandum will face the sanctions under the law.

The DOE asked the public to report violators to or to the Consumer Welfare and Promotion Office at 479-2900 local 329.

Under the Train, diesel, which is mostly used by public transport, is levied an excise tax of P2.80 per liter from zero while the excise tax on gasoline was raised to P7 from P4.35 in the first year of the law’s implementation.

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