"THE GOVERNMENT will begin charging import taxes
on ecozone-based oil firms starting next month, following through with a
plan it claims will address smuggling and increase revenues.
"Revenue Regulations 2-2012, published in a newspaper yesterday
and to take effect in 15 days, allows for tax refunds once the companies
show proof that the imported oil was consumed within the ecozone or
exported."
PB Payoyo
LL.M., Ph.D.
[Member, The Philippines-Netherlands Business Council, The Hague; Country Expert, Royal Tropical Institute, Intercultural Professionals (KIT IMC Bv), Amsterdam]
