Marked fuel program generates P234B in 2023 collections
THE Bureau of Customs (BoC) said it generated P234.18 billion last year as a result of the fuel marking program.
“The Bureau remains steadfast in combating fuel smuggling. In 2023, the Bureau was able to mark 18.97 billion liters of fuel, resulting in the collection of P234.18 billion worth of taxes,” it said.
In 2022, the BoC marked 51.112 billion liters of fuel and raised P373.699 billion.
The program was launched in September 2019 as a component of the Tax Reform for Acceleration and Inclusion law.
Under the program, fuel is marked with a special dye in order to signify tax compliance, while the absence of the dye is considered an indication that the fuel may be smuggled.
The BoC estimates that it collected P73.329 billion in duties in January, up 3.88% from a year earlier and 2.16% higher than its target for the month. — Luisa Maria Jacinta C. Jocson