BOC all set to implement fuel marking program next year to curb oil smuggling



(Eagle News) — The Philippine government has already drafted the implementing rules and regulations (IRR) for the fuel marking program which is set for implementation next year to suppress oil smuggling in the country.

The Bureau of Customs, together with the Bureau of Internal Revenue (BIR), will lead the fuel marking program’s implementation.

The BIR has said that it had already drafted the IRR for the program.

The masterplan, on the other hand, will be created by the joint-venture of Switzerland-based Sicpa SA and SGS Philippines Inc., the winning bidder for the fuel marking system.

Once both the IRR and the masterplan have been completed, the fuel marking system is set to go full swing. It is set for implementation by the first quarter of 2019.

Customs Commissioner Rey Leonardo Guerrero described the fuel marking program as an anti-oil smuggling scheme “envisioned to curb illicit trade of petroleum products and shall be mandatory for five years.”

“The fuel marking is required on all petroleum products that are refined, manufactured or imported into the Philippines that are subject to the payment of duties and taxes such as but not limited to gasoline, denatured alcohol used for motive power, kerosene and diesel fuel oil after the taxes and duties have been paid,” Guerrero explained.

Breaking News, Latest Philippines Headlines, World, Entertainment, Politics, Weather & Video News

Delivered by

Always proud to serve,

continues in its efforts to deliver relevant news that will help the community as we go about our daily lives in this fast-paced world.

.

Leave a Reply