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RMC No. 62-2019: Circularizes the full text of DOF-DBM-COA Joint Circular No. 001-2018 entitled “Rules and Regulations Implementing Section 148-A, Subsection (h) Chapter V of the NIRC, as amended, on the use of Fuel Marking Program Funds”

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Summary

RMC No. 62-2019 circularizes DOF-DBM-COA Joint Circular No. 001-2018 on the collection and disbursement of Fuel Marking Fees under the Fuel Marking Program (FMP).

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Key points

  1. Fuel Marking Trust Account. The account is established for the FMP, with the BIR and the Bureau of Customs as Implementing Agencies (IAs).
  2. Collection of fees. The IAs collect the Fuel Marking Fees from the refiner, manufacturer and importer of petroleum products, together with the taxes and duties on imported or refined fuel. The fees pay for the Marking Services of the Fuel Marking Provider, are non-revenue collections and are recorded as trust receipts of the IAs.
  3. Deposit and withdrawal. All fees are deposited and credited to the Fuel Marking Trust Account maintained by the Bureau of the Treasury. The IAs may not withdraw any portion of it to deposit in other authorized government depository banks.
  4. Obligations and disbursement. The Circular specifies the obligations of the IAs and the Fuel Marking Provider, and the policies for disbursement from the Trust Account and payment to the Provider.

Who is affected

  • Refiners, manufacturers and importers of petroleum products
  • Bureau of Internal Revenue and Bureau of Customs
  • Fuel Marking Provider

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.