The PIP participates in the drafting of the CMTA-IRR

The PIP participates in the drafting of the CMTA-IRR

The Philippine Institute of Petroleum (PIP) participated in the consultative forum organized by the Bureau of Customs (BOC) for the drafting of the implementing rules and regulations (IRR) of RA 10863 or the Customs Modernization and Tariff Act (CMTA).   The forum was held last 17 August at the Bureau of Treasury in Intramuros, Manila.

BOC Commissioner Nicanor Faeldon urged the various stakeholders to help the Bureau in the drafting of the IRR with the “clear interest to protect the welfare of the country, and the Filipino people”.  He shared that his office would like to focus on all the mandates of the bureau including border security and trade facilitation to help in the government’s effort for higher revenue collection.

BOC reported during the forum that the total revenue loss amounted to PhP 12,352,888,500,000.00 ($ 267 billion) from the mis-invoicing in import and export activities; the value excludes revenue loss due to outright smuggling into and out of the country.  With the passing of the CMTA and subsequently the drafting of its IRR, BOC hopes to “overhaul and modernize the bureau which has been perceived as one of the most corrupt and underperforming government agencies in the country”. 

To fast track the development of the IRR, BOC briefed the stakeholders on how the consultations and the submission of position paper will proceed, including the template to be used and schedules of consultations and the submission of position paper.  Other developments and notifications related to the drafting of the CMTA IRR will be posted by the bureau on its website page at http://www.dof.gov.ph/index.php/issuances/cmta_irr/.

The PIP and its Tax Committee met with BOC Commissioner Faeldon for a courtesy visit and brief discussion.  The PIP expressed its appreciation for being recognized as major stakeholder in the drafting and review of the CMTA-IRR.    The BOC in turn, welcomed PIP’s initial views and assured that the Bureau will ensure collaborative partnership with the private sector in implementing its mandate.

The PIP had been an active stakeholder during the legislative drafting of the CMTA law and expressed its continued support and participation in the drafting of the corresponding IRR.

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