Joint force on Fuel Marking Program: Introducing Fuel Marking Program for the use and sale of Petroleum Products
BIR Revenue Memorandum Circular No. 94-2020
Circulating the Joint Memorandum Circular (JMO) No. 1-2020 prescribing the Implementing Guidelines for the Collection and Disbursement of Marking Fees Pursuant to DOF-DBM-COA Permanent Committee Joint Circular 001.2018 and Payment of Fuel Marking Fee Using BIR Form No. 0623
DOF (Department of Finance)
Joint Memorandum Order No. 1-2020
Prescribing the Implementing Guidelines for the Collection and Disbursement of Fuel Marking Fees Pursuant to DOF-DBM-COA Permanent Committee Joint Circular 001.2018
The above government agencies provided guidelines in the implementation of Fuel Marking Program. The program aims to halt illegal importation, manufacturing and other fraudulent activities relating to the use and sale of petroleum products in the country. It intends to curb oil smuggling and misdeclaration of petroleum in the country and to increase revenue collection from taxable imported and locally refined fuel products.
The fuel Marking is mandated under the TRAIN Law as a measure against smuggling of petroleum products.
Likewise, the order governs the collection of Fuel Marking Fees and the Disbursement of Fuel Marking Trust Account for the 2nd and 5th year of the implementation of the fuel Marking program.
Section 4 of JMO No. 1-2020 states that the BIR and BOC shall collect the fuel Marking fee at the same time as the internal revenue taxes on manufactured, refined or imported petroleum products are collected. The guidelines were provided in the same section of the said order.
Section 5 and Section 6 of JMO No. 1-2020 presented the computation of Fuel Marking fee and the mode of payment to the fuel Marking provider. A complete document must be properly accomplished and submitted to the collection agency.
- Charting the New Frontier: How the 43rd ASEAN Summit Paves the Way for an Unprecedented Era of Trade and Innovation in Southeast Asia.￼
- Nine-dash line: An insight into the “Barbie” movie controversy, compliance, and taxation in the Philippines
- CRYPTO TAXES DECODED: UNDERSTANDING YOUR DIGITAL DUTIES
- Lazada, Shopee and Online Platform Merchants are Reminded of their Tax Obligations
- The Power of Tax Residency: A Guide to Maximizing Your YouTube Earnings