444 Retails Outlets Already Imposed TRAIN’s 2nd tranche–DOE
Some 444 retail outlets of various oil firms have already imposed the price adjustment for the second tranche of the excise tax of the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
As of January 10, the Department of Energy (DOE), through its Oil Industry Management Bureau (OIMB) has received reports that 369 outlets from Petron Corp., 46 from Pilipinas Shell Petroleum Corp. and 29 from Flying V have already imposed the second tranche of excise tax.
According to the agency, two teams from the DOE-OIMB visited various retail outlets in Caloocan, Quezon City, and Malabon to serve the Show Cause Orders (SCOs) and validate their documents relative to the imposition of excise tax and its corresponding additional Value Added Tax.
“We are ensuring that our consumers do not become subjects of profiteering. We are issuing Show-Cause Orders (SCOs) to the concerned retail outlets for them to explain their implementation of the second tranche of excise taxes. In addition, we are also validating the prices of their fuel products whether they have already imposed the second wave of excise taxes,” said Energy Secretary Alfonso Cusi.
Further, the energy department continues to monitor retail outlets, particularly those that have already implemented the second tranche of excise tax.
The DOE-OIMB explained that a retail outlet’s imposition of the excise tax will be based on the dispensing of the previous year’s existing inventories. They earlier reiterated that only new inventories are covered by the second tranche of excise tax.
Moreover, the DOE-OIMB emphasized that the level of inventories varies depending on the status of individual depots and retail outlets and product turnover i.e, diesel, gasoline, kerosene, and liquefied petroleum gas (LPG).
The DOE supports the tax law since its wisdom is anchored on the national vision for progress, Ambisyon Natin 2040.
“The funds to be raised from these collections will be invested to the people through key infrastructure projects, intensified social development and other priority projects of the government,” Cusi shared. “I hope that every Filipino will be supportive of government causes. Also, let us remain vigilant and work together for utmost consumer welfare promotion.”