Philippine Daily Inquirer
2:19 am | Friday, April 5th, 2013
BIR Commissioner Kim Jacinto-Henares. INQUIRER FILE PHOTO
MANILA, Philippines—Internal Revenue Commissioner Kim Henares has warned gasoline retailers buying smuggled petroleum products they will bear the brunt of a government investigation.
At a news conference at the Department of Justice on Thursday, Henares said gasoline retailers who bought smuggled petroleum products and therefore, had no receipts for the purchase, would be taxed on their gross sale revenues.
“For example, you buy smuggled gas and sell it for P46 a liter. Ok many bought gas from you but the consequence of that is from the P46 you sold, the government will get 42 percent of it,” she said, adding that 42 percent include 30 percent of corporate tax and the 12-percent Value Added Tax.
“So what is your revenue there?” Henares said.
She said if government could not catch the oil smugglers, it would instead catch those selling smuggled oil.
Henares said the BIR has been going after gas retailers and would try to trace where the smuggled petroleum products come from.
To gas retailers, she said: “Please do not buy smuggled oil because at the end of the day, you will be the one inconvenienced. The smuggler may get away but you will bear the brunt of all these things. At the end of the day, you will be the one left holding the bag and you will be the one paying all the tax.”
Henares also said that the BIR has been looking into why gas importers in free port zones have been enjoying preferential rates.
“When you are importing gasoline in the country, the reason to do it is to sell it to the public. You cannot hide it in the free port. So these are the things we are looking at,” Henares said.
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Tags: Bureau of Internal Revenue , Business , crime , gas retailers , Kim Henares , oil and gas , oil smuggling , petroleum products , taxes
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