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DOE keeps close eye on TRAIN Law implementation
DOE keeps close eye on National News
TRAIN Law implementation
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TAGUIG CITY -The Department of Energy (DOE), through its Oil Industry Management Bureau (OIMB), is keeping a close eye on the implementation of the third and final tranche of excise taxes on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, which took effect on 1 January 2020.
Under this tranche, additional excise taxes of P1.00 per liter for gasoline, P1.50 per liter for diesel, and P1.00 per kilogram (kg) for household liquefied petroleum gas (LPG) will be imposed. There will also be an additional 12 percent Value Added Tax, bringing the total to P1.12 per liter for gasoline and per kg of LPG, and P1.68 per liter for diesel. “The DOE has been undertaking all necessary measures to ensure that all tranches of excise taxes on petroleum products are properly implemented.
On top of our regular monitoring of companies’ compliance to national quantity and quality standards, the DOE-OIMB has been conducting verification inspections to make sure
