Issue of January 7, 2018
     
NEWS
Apayao
Benguet
Ifugao
 
OPINION
 

2017
Panagbenga Flower Festival
 
Other Links:
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 info@doe.gov.ph 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.


Your Ad Here


BUSINESS
Abra Rural Bank depositors reminded on claim filing sked

City Treasurer reports on smooth flow of tax payments

Work permit fast lanes set up

Study shows bamboo leaves as chicken feed

Long–term lease for park bldg. proposed


Baguio Country Club
Department of Tourism – CAR
GRAB
Informatics
University of Baguio
Venus Parkview Hotel

Congressman Mark O. Go
Department of Health – CAR
Kings College of the Philippines
Lepanto Consolidated Mining Company
Mayor Mauricio G. Domogan
Narda’s Handwoven Arts & Crafts Inc.
Philex Mining Corporation
Pines City Colleges
Province of Benguet
Sangguniang Panlungsod
SiTEL
SM City Baguio
Social Security System

Assumption Medical Diagnostic Center
Baguio Center Mall
Baguio Central University
Baguio Heart and Lung Diagnostic Center Inc.
Baguio Memorial Chapels Incorporated
Baguio Water District
BDO
Bureau of Fisheries and Aquatic Resources – CAR
C & Triple A Supermart
Congressman Ronald M. Cosalan
Curamed Pharmacy
Data Center College of the Philippines of Baguio City Inc.
Department of Agriculture – CAR
Department of Environment and Natural Resources – CAR
Department of Trade and Industry – CAR
Department of Transportation – CAR
Easter College Incorporated
Fabulo Beauty and Image Salon
Fast East Pacific Commercial
Filipino–Japanese Friendship Association of Northern Luzon, Inc.
GMS Technology
Immigration Network Services, Inc.
La Funeraria Paz, Inc.
Maybank
Mayor Romeo K. Salda
MMS Development Training Center Corporation
Mother Earth Deli Basket
National Economic & Development Authority–CAR
NIIT
Overseas Workers Welfare Administration
Philippine Science High School – CARC
R.A. Gapuz Review Center
Regional Tripartite Wages and Productivity Board – CAR
Solibao – Ganza Restaurant
STI
Technical Education and Skills Development Authority

Home | About Us | Editorial Policy | Contact Us  
News | Opinion | Snapshots | Week's Mail | Obituaries  
Copyright © 2007-2015. All Rights Reserved. baguiomidlandcourier.com.ph