Economic officials to approve fuel marking system | Inquirer Business
Economic managers are set to approve the implementation of the fuel marking system as part of the first tax reform package expected to be approved by Congress and signed by President Duterte before the end of the year.
The National Economic and Development Authority’s (Neda) Investment Coordination Committee-Cabinet Committee (ICC CabCom) will tackle today the fuel marking program, which is part of the first package of the Tax Reform for Acceleration and Inclusion (Train), whose approved Lower House and Senate versions are currently undergoing consolidation.
“The DBM [Department of Budget and Management] thinks fuel marking has to go through ICC. Neda doesn’t think so, so I said let’s just put it through ICC, we will have a meeting on Dec. 6 anyway. So whether or not it is needed, we will just present it to them. Anyway, there is no controversy over that,” Finance Secretary Carlos G. Dominguez III said.
The government this month will start the procurement process for the fuel marking system to be implemented in the second half of 2018.
Department of Finance and Bureau of Customs officials have said that the fuel marking program would generate P20 billion in additional revenues for the government as well as combat oil smuggling.
Based on the tentative agenda obtained by the Inquirer, also to be tackled by economic managers at the Neda ICC CabCom meeting, is the acquisition of helicopters for maritime disaster response by the Department of Transportation and the Philippine Coast Guard.
The Neda ICC CabCom will also act on requests to extend the loan validity and implementation period for two projects: Jalaur River Multipurpose Project Stage 2 and Samar Pacific Coastal Road Project.
Also, the Neda ICC CabCom will discuss the Nationwide Fish Ports Project III as well as the Metro Manila Flood Management Project Phase 1.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.