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Thursday, April 24, 2008
BOC to perform total inventory of Bataan oil firm (12:40 p.m.)
MANILA -- The Bureau of Customs (BOC) will conduct the total inventory of Oilink International Corporation in Mariveles, Bataan.
This, after the bureau imposed Section 1508 of the Tariff and Customs Code of the Philippines (TCCP) on the oil company for its failure to settle its P2.7 billion penalty for administrative charges filed against it by the bureau's Post Entry Audit Group (Peag) last year.
Port of Manila district collector Horacio Suansing also issued an alert against all incoming shipments of the company not to allow its release from Customs custody.
Although he said they did not suspend the accreditation of the company, the firm's incoming shipment will not be released until they have settled the amount.
He said they will have to auction the confiscated commodity if the firm fails to pay its obligations to the bureau, to recover the lien of the government.
The penalty was imposed on the oil firm for an administrative case stemming from its failure to cooperate with the Peag routine audit on oil firms last year.
Under the Peag law or Republic Act (RA) 9135, a penalty of 20 percent of the firm's total landed cost for the period where records were not kept will be slapped on any firm who does not comply with the bureau's audit. The period covered by the audit was from year 2004 to 2007.
The firm earlier offered to settle their P2.7 billion penalty with a P15 million compromise deal but the bureau rejected this proposal. (FP/Sunnex) |
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