News, Events, Press Release and Updates in Bohol and Around the Philippines
PPCRV Partial and Unofficial Tally for Election 2013' | Read the Bohol Chronicle here

Continued fuel smuggling, tax system discourage investors—Total exec

By: Amy R. Remo
Philippine Daily Inquirer

7:53 pm | Sunday, July 31st, 2011

Continued fuel smuggling and the changing rules in the Philippine taxation system are increasing the uncertainty for international companies to invest in the Philippines, according to Total Philippines president Ernst Wanten.  At the sidelines of a conference hosted by the Philippine Institute of Petroleum (PIP), Wanten noted that the huge challenges faced by investors in the oil industry remained the “same as they’ve always been” despite the government’s goal of achieving a “level playing field.”  “We’re on the same line with the government on the principle of [having a level playing field]. We can see that and we’re happy with that. It’s simply the capability of doing it, and the way they go about it [collecting
tax or customs duties], which is inadequate,” Wanten explained.

On the issue of fuel smuggling, Wanten admitted that they have a “feeling that smuggling is increasing again.”  “We feel more pressure again from the same illegal players that’s always been there. And everything’s the same as before. There was a point, anyhow, after the new government came in last year, we felt there was a real reduction,” Wanten said.

Wanten added that the PIP, of which Total is a member, has been pushing for measures to curb fuel smuggling. “We’ve even proposed how to tackle it. But it’s more of putting it to work.”  As for the country’s taxation system, Wanten noted that while the oil industry was in favor of properly taxing everybody, the government, however, was not going after the players who were not paying taxes.

“What we’ve seen in the drive of the new government to increase tax collection is that, to us, it just looks like they are looking at [going after] the normal, legal companies. There is a drive to collect more, but we think the way they’re doing it is not good at all. They’re still not tackling the ones who are not paying taxes,” Wanten said.  “The basic [objective] of the drive [to increase tax collection efficiency] is correct. But the way they do it is what we’re not happy with. And it’s a general consensus among [oil] industry players.  It also increases the uncertainty for international companies to invest in the Philippines,” Wanten added.

One of the uncertainties that might drive away investments was the Philippine taxation system whose rules, according to Wanten, were not clear and changed retroactively. And this setup, he said, was a unique thing in the world.  “The rules are not applied in a consistent way and it just increases the uncertainty of doing business in this country. The ideas are right in the government, but at the moment [these are] not rolled out in the right way and it could have a reverse effect,” Wanten warned.


Latest News

  • Heightened alert status, gipatuman na sa PCG
  • Gobyerno, nakadaginot og P231-M sa gipalit nga bakuna – Ona
  • Christmas break sa public schools, magsugod sa Disyembre 20 - DepEd
  • Extended holiday truce with communist rebels gives way to a hopeful 2015 – OPAPP
  • Unli Internet Promos Misleading, Telcos May Face Sanctions
  • Youtube Offline Viewing is Now Available
  • Globe Telecom sustains customer growth momentum, now at 45.4M Business strategy of providing complete digital experience working to attract customers
  • Globe extends “Libreng Tawag” to serve Typhoon Ruby-affected families
  • The Department of Trade and Industry in Legazpi City
  • Vigan, nasulod sa New7Wnders Cities
  • Foreign aid nga madawat sa PH human sa bagyong Ruby, i-account tanan sa gobyerno
  • Ayuda alang sa mga naapektuhan sa bagyong Ruby, giseguro sa Palasyo
  • Globe offers Libreng Tawag from 8 countries to the Philippines
  • Typhoon Ruby (HAGUPIT): Daily Updates
  • PNoy directs agencies to address panic buying, ensure sufficient food supply
  • P242-milyong kantidad sa mga tambal ug uban pang gamit, gi-andam na sa DOH alang sa mga lugar nga labyan ni ‘Ruby’
  • Pasidaan sa storm surge, gi-isa sa pipila ka lalawigan tungod ni ‘Ruby’
  • Auza.Net Supplies Original and Certified Network Cabling Systems
  • Ruby Approaches Samar, PAGASA Website Bogs Down
  • Viral Sikatuna dog shooting Due to owner’s negligence

  • Most popular tags:
    Aquino Administration Armed Forces of the Philippines Armed Forces of the Philippines (AFP) barangay elections Bohol Bohol crimes bohol local news Bohol news Bureau of Internal Revenue comelec Commission on Elections Commission on Elections (Comelec) daily Department of Agriculture Department of Education department of foreign affairs Department of Health Department of Health (DOH) Department of Justice Election 2010 Governor Edgar Chatto Malacanang MILF Mindanao Moro Islamic Liberation Front Moro Islamic Liberation Front (MILF) news noynoy aquino overseas filipino workers PAGASA peace talks PGMA Philippine economy Philippine National Police Philippine National Police (PNP) Philippine news Philippines PNP President Benigno "Noynoy" Aquino III President Benigno Aquino III PRESIDENT Benigno S. Aquino III President Gloria Macapagal-Arroyo Reproductive Health Bill Supreme court Tagbilaran City

    Leave a Reply

    You must be logged in to post a comment.

    Search

    News Archives

    Categories

    More News and Info

    - Recommend Bohol News Daily to your friends.

    Bohol News Today
    Bohol Times Online
    Follow Bohol News Daily on Twitter

    Beach Lot for Sale, 1167sqm, Poblacion, Panglao, Bohol
    ROCK ISLAND FOR SALE
    House for Rent