Customs pursues PTT, other major oil importers
The Bureau of Customs will run after several oil companies led by PTT of Thailand for their unpaid duties and excise taxes amounting to over P800 million as part of efforts to boost the agency’s chances of meeting its collection goal this year.
Customs Commissioner Napoleon Morales told reporters that PTT Philippines Corp., the local unit of state-owned Petroleum Authority of Thailand Public Co. Ltd., owes the government P470 million in unpaid duties and taxes.
Morales said the agency needed to collect P350 million more as PTT Philippines only paid P120 million.
PTT Public Co. Ltd., the largest oil company in Thailand, recently committed to invest $1.1 billion in the Philippines to put up a petrochemical plant and several natural gas-related projects.
PTT has been active in the downstream oil sector, being the owner of the biggest handling facility in Subic Bay, which is under a long-term lease agreement with Philippine Coastal Storage and Pipeline Corp. The facility could store up to 2.4 million barrels of finished petroleum products.
Morales, meanwhile, said Oilink International Corp. had paid P200 million of its outstanding obligations worth P353.5 million. Its outstanding obligations include P132.21 million in unpaid taxes and duties for one of its oil shipments and P221.28 million in penalties.
Morales said other oil companies that partly paid their financial obligations were Tri-Solid with P75 million and Mawab and Andan Resources with P60 million.
Customs expects about P10 billion from additional taxes and duties from oil companies through its post entry audit group. The group has reviewed all oil, chemical and liquefied gas imports in the last three years.
The finance department has ordered Customs to coordinate with the Department of Energy and various economic zones to better verify actual oil import figures and with law enforcement agencies to run after smugglers.
It was also asked to enhance the implementation of the “oil marking” system, where customs personnel lay a certain chemical on oil imports whose taxes and duties have already been paid.
The perennial problem of smuggling has been blamed for substantial losses in potential revenues for the government. Previous estimates said the government was losing about P200 billion a year due to unpaid taxes and duties resulting from smuggling. Lawrence Agcaoili - Manila Standard Today
Customs Commissioner Napoleon Morales told reporters that PTT Philippines Corp., the local unit of state-owned Petroleum Authority of Thailand Public Co. Ltd., owes the government P470 million in unpaid duties and taxes.
Morales said the agency needed to collect P350 million more as PTT Philippines only paid P120 million.
PTT Public Co. Ltd., the largest oil company in Thailand, recently committed to invest $1.1 billion in the Philippines to put up a petrochemical plant and several natural gas-related projects.
PTT has been active in the downstream oil sector, being the owner of the biggest handling facility in Subic Bay, which is under a long-term lease agreement with Philippine Coastal Storage and Pipeline Corp. The facility could store up to 2.4 million barrels of finished petroleum products.
Morales, meanwhile, said Oilink International Corp. had paid P200 million of its outstanding obligations worth P353.5 million. Its outstanding obligations include P132.21 million in unpaid taxes and duties for one of its oil shipments and P221.28 million in penalties.
Morales said other oil companies that partly paid their financial obligations were Tri-Solid with P75 million and Mawab and Andan Resources with P60 million.
Customs expects about P10 billion from additional taxes and duties from oil companies through its post entry audit group. The group has reviewed all oil, chemical and liquefied gas imports in the last three years.
The finance department has ordered Customs to coordinate with the Department of Energy and various economic zones to better verify actual oil import figures and with law enforcement agencies to run after smugglers.
It was also asked to enhance the implementation of the “oil marking” system, where customs personnel lay a certain chemical on oil imports whose taxes and duties have already been paid.
The perennial problem of smuggling has been blamed for substantial losses in potential revenues for the government. Previous estimates said the government was losing about P200 billion a year due to unpaid taxes and duties resulting from smuggling. Lawrence Agcaoili - Manila Standard Today
posted by OlongapoCity Zambales at
4:11 AM
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