Issue of January 6, 2019

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DOE to oil players: 2nd tranche of excise not for 2018 oil stocks
by DOE release

Department of Energy Sec. Alfonso G. Cusi enjoined oil industry players to empty first their 2018 oil inventories before applying the second round of the excise tax to petroleum products for 2019.

The DOE, in close coordination with the Department of Finance, Bureau of Customs, and Bureau of Internal Revenue, devised a mechanism to monitor existing oil inventories following the implementation of the second tranche of Tax Reform for Acceleration and Inclusion (Train) law on Jan. 1.

“We are ready to implement the second tranche of Train, which imposes additional excise taxes to various commodities like petroleum products by New Year. We have to ensure its proper implementation because the new collection will be used to support our Build, Build, Build programs, free tuition, and medical assistance for our kababayans,” Cusi said.

He said with the imposition of the additional excise taxes, the DOE is stringently looking at the 2018 inventories of oil companies in order to protect consumers from unjust trading and profiteering once the second tranche is operationalized.

“The sale of old stocks, referring to the remaining balance of the inventory ending Dec. 31, 2018, which was not covered by the second tranche of excise taxes, should not be collected from the consumers. Otherwise, it would be a violation of the law. Not only administrative penalties like closure of the establishment will be imposed, but also the criminal penalty of large scale estafa,” Cusi added.

He said the agency is confident that everyone will cooperate.

The DOE, together with its partners and stakeholders, provided mitigating measures to help consumers cope with the effects of the Train law during its first implementation, such as fuel discounts through the corporate social responsibility and promotional programs, Pantawid pasada, energy efficiency tips, and rigorous monitoring of gas stations to ensure good quality and right quantity of petroleum products.

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