Department of Energy Secretary Alfonso G. Cusi released the Guidelines, thru the Oil Industry Management Bureau headed by Undersecretary Donato M. Marcos, to all oil companies to effectively monitor and implement the new Tax Reform Inclusion and Acceleration (TRAIN).
Pertinent provisions of the Guidelines are as follows:
1) Submission of a duly notarized inventory report as of 31 December 2017. The inventory shall be on per depot and per product basis;
2) Implementation of the excise tax under TRAIN shall not be applied unless the 31 December 2017 stocks of finished products are fully exhausted. (The minimum 15-day inventory requirement shall be enforced in accordance with Department Circular 2011-03-0002);
3) Submission of the daily summary of withdrawal starting 01 January 2018 until the depletion of the declared inventory as of 31 December 2017, supported by the Official Registry Book (ORB);
4) Retailers are required to post in a conspicuous area, for transparency, notice of the new excise tax implementation under the TRAIN in a signage measuring 1 meter by 1 meter in size; and
5. Submission of the petroleum products inventory report as of December 31, 2017 is on 5 January 2018.
“We remind the consumers and the oil industry participants that violators face the sanctions under the law,” Cusi said.
The DOE calls on the public to be vigilant and to report any violation to [email protected] or to the Consumer Welfare and Promotion Office at Tel. No. 479-2900 loc. 329.