Phoenix Petroleum backs plan to hike oil excise tax
Danessa Rivera (The Philippine Star) - March 19, 2017 - 12:00am

MANILA, Philippines - Phoenix Petroleum Philippines Inc. has thrown its support behind government’s plan to impose higher oil excise tax, which forms part of the Comprehensive Tax Reform Program (CTRP) pending approval in Congress. 

The company is willing to pay taxes in advance to support the government’s proposed tax reform program, its president and CEO Dennis Uy said.

 “We support the administration’s plan on tax reforms,” he said. “One of the ways we can support the government’s revenue-generating efforts is to prepay the excise taxes for imported fuel and petroleum products for a period.” 

The Department of Finance (DOF) has endorsed House Bill 4774, authored by Rep. Dakila Carlo Cua, which covers the first package of its tax reform plan.

The proposed tax reform program is seen to increase government revenues, improve the business environment and sustain economic growth. 

Under the bill, tax adjustments would be staggered both for diesel and gasoline and other petroleum products from 2017 to 2019 and would be indexed by four percent starting 2020 to account for inflation.

The bill also calls for the adoption of fuel marking system as part of the legislated administrative reforms in the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC).

The proposal aims to securely and covertly authenticate petroleum products, prevent oil smuggling, and improve collection efforts of the BIR and the BOC.

Part of the measures to ensure this is with the use of e-receipts and the mandatory link of the point-of-sale (POS) systems of establishments directly to the BIR.

PHOENIX PETROLEUM
Philstar
Facebook
  • Latest
  • Trending
Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with
Read and share the latest news
whenever and wherever you are.
Top Stories
Features the most relevant stories,
exclusive content, analyses and special reports.
As It Happens
Get bite-sized highlights and up-to-date
information as the news breaks.
Latest
View the most recent
stories of the day.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
How to follow As It Happens stories
STEP 1
Click the story in the As it Happens section.
How to follow As It Happens stories
STEP 2
Click "Follow Story" for updates on the news.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Author
STEP 1
Click on the author's name in the article.
How to follow Author
STEP 2
Once you click on the author's name, you will be
brought to the Authors page. Click "Follow Author"
to stay updated on the author's works
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Tags
STEP 1
Click on a tag in the article.
How to follow Tags
STEP 2
When you click on a tag, it will take you to the
dedicated tag page where you'll see the article
viewed, along with other stories with that tag.

Click the "follow tag" button to stay updated on
the topic.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.