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FRIDAY, October 13, 2017
895

Fuel marking seen as big gain for govt revenue

The fuel marking system to be implemented early next year in the Philippines as part of the first tax reform package will generate 20 billion peso in additional revenue for the government as it is seen substantially curbing oil smuggling, according to officials of the Department of Finance.
Commissioner Isidro S Lapea told reporters recently the DOF-attached Bureau of Customs had created a technical working group on fuel marking as a means to collect the correct taxes from oil companies.
“We want to realise that as soon as possible but we are still firming up its mechanics, especially how to get the service provider. It could be auctioned off, it could be build-operate-transfer, or it could just be the service of maintaining the markers and then the BOC would just collect from those discovered not paying the correct tariff,” he said.
“Right now, we are thinking of a system similar to the cigarette tax stamps, although stamps are physical while this is chemical. For stamps, it’s a pass-on charge we collect from manufacturers. Here, we are working on a mechanism wherein the government will procure the fuel market and sell to oil firms,” Finance Assistant Secretary Mark Dennis Joven said.
Joven said the DOF plans to request 2 billion peso under a supplemental budget allocation next year for the rollout of the fuel marking scheme.
“We have the money for it; right now, we have the funds,” Finance Secretary Carlos Dominguez III said.
Finance Undersecretary Antonette Tionko said the private sector would still have to shell out nine centavos per liter for fuel marking fee. – Philippine Daily Inquirer 

National Startup Summit aims to attract 5,000 

Organisers of the National Startup Summit 2017 aim to attract 5,000 participants nationwide to the event scheduled to be held at the Indonesia Convention Exhibition (ICE) BSD in South Tangerang, Banten from December 7 to 9.
“We aim to see 5,000 participants, including 3,000 start-up developers,” said Handito Joewono, export development vice chairman of the Indonesia Chamber of Commerce and Industry (Kadin).
The event is initiated by the National Startup Forum and supported by Kadin and the Association of Technology Startup Indonesia.
The event will comprise conferences, a start-up competition and pitching to potential investors, Handito added.
The organisers will select 100 start-ups from the competition to receive training.
The Association of Technology Startup Indonesia will prioritise start-ups in five sectors -digital, agriculture and food, tourism, trade and maritime and fisheries. – The Jakarta Post

Laos keen on Indonesian weaponry, fertilisers

Indonesian Trade Minister Enggartiasto Lukita said that Laos was interested in buying the primary weaponry defense systems and fertilisers from Indonesia.
“Laos is interested in Indonesian products of the primary weaponry of defense systems and fertilizers,” he remarked, after accompanying Indonesian President Joko Widodo (Jokowi) to receive a state visit of Prime Minister of Lao Peoples Democratic Republic, Thongloun Sisoulith, at the Bogor Palace, on Thursday. – Vientiane Times