Latest news with #TaxReformforAccelerationandInclusion
GMA Network
26-06-2025
- Business
- GMA Network
DOF OKs donation of seized gasoline to PCG
The Department of Finance (DOF) said Thursday it has approved the donation of 1,251.68 liters of seized gasoline to the Philippine Coast Guard (PCG). In a statement, the DOF said Finance Secretary Ralph Recto gave the thumbs up for the donation of seized fuel to the PCG in 'support the country's maritime safety and security operations.' The 1,251.68 liters of gasoline were forfeited by the Bureau of Customs (BOC) pursuant to Section 1113 of the Customs Modernization and Tariff Act (CMTA) for violating fuel marking regulations. Fuel marking, which involves injecting chemical identifiers into tax-paid oil products, is being carried out under the Tax Reform for Acceleration and Inclusion (TRAIN) Act to curb the smuggling of petroleum products. The donation of the seized gasoline was in line with President Ferdinand Marcos Jr.'s 'directive to intensify the fight against smuggling and strengthen national security.' 'This donation not only shows our commitment to bolstering our defense sector, but is a clear warning to all businesses that any illicit act will not go unpunished. Hinding hindi namin palalampasin ang anumang panlalamang at iligal na gawain (We will not tolerate illegal activities),' said Recto. Section 1141 of the CMTA authorizes the donation of goods subject to disposition to another government agency, upon the approval of the Secretary of Finance, according to the DOF. — Ted Cordero/RSJ, GMA Integrated News
GMA Network
21-06-2025
- GMA Network
BOC seizes more than 250k liters of smuggled fuel in La Union
The Bureau of Customs (BOC) impounded a tanker with around P219.5 million worth of smuggled fuel in La Union. On Saturday, the BOC said the operation was conducted following reports of a 'paihi' modus, or illegal fuel transfer, at the La Union Port. 'The MT Bernadette was in the process of transferring diesel fuel to a lorry truck when our team apprehended them at around 9:45 in the evening of June 19. Two lorry trucks were found containing diesel fuel from the motor tanker,' BOC-Customs Intelligence and Investigation Services Director Verne Enciso said. The BOC said initial inventory showed there were 200,000 liters of diesel fuel, with an additional 59,000 liters of fuel in two lorry trucks. Ten crew members on board the vessel were unable to show legal justification for their activity. In addition to the crew members, authorities apprehended 11 other individuals who served as drivers, porters, lookouts, and accomplices. The owners, ship captain, and crew of the MT Bernadette and lorry trucks, and the owner of the seized diesel fuel will face administrative and criminal charges for violating the Customs Modernization and Tariff Act (CMTA) and the Tax Reform for Acceleration and Inclusion (TRAIN) Law. — Jiselle Anne Casucian/VBL, GMA Integrated News
