Executive Order No. 195

 

 

AMENDING PARAGRAPH (b) OF SECTION 128 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, BY REVISING THE EXCISE TAX RATES OF CERTAIN PETROLEUM PRODUCTS

 

WHEREAS, the upward trend in the world prices of crude oil has made it necessary to adjust the prices of domestic petroleum products;

 

WHEREAS, in the adjustment of oil prices, it is likewise necessary to restructure the excise tax components in order to cushion the impact of increased of petroleum products on the economy; and

 

WHEREAS, in restructuring the excise tax components of certain petroleum products, it become imperative to adopt the pure ad valorem tax scheme in order to provide for a built-in flexibility to price changes and obviate frequent revisions of tax rates as a result of fluctuations in crude oil prices.

 

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do hereby order that:

 

SECTION 1. Paragraph (b) of Section 128 of the National Internal Revenue Code, as amended, is hereby amended to read as follows:

 

“(b) For products subject to ad valorem tax only:

 

“PRODUCT AD VALOREM TAX RATE

 

“1.  Naptha, gasoline and other similar products of distillation

 

48%

 

“2.  Aviation turbo jet fuel

 

48%

 

“3.  Thinners and solvents

 

48%

 

“4.  Fuel oil, commercially known as bunker oil and on similar fuels oils having more or less the same generating power

 

 

0%

 

 

“5.  Fuel oil, commercially known as diesel fuel oil, and on similar fuel oils having more or less the same generating power

 

 

24%

 

“6.  Fuel oil, commercially known as diesel fuel oil, and on similar fuel oils having more or less the same generating power

 

 

24%

 

“7.  Kerosene

 

24%

 

“8.  Liquefied Petroleum Gas

 

24%

 

“9.  Asphalts

 

24%

 

 

“The ad valorem tax imposed in this paragraph shall be based on the company take or netback on the product as approved by the Energy Regulatory Board, including the said ad valorem tax.”

 

SEC. 2.  All orders, issuances, rules and regulations or any part thereof which are inconsistent with the provisions of this Executive Order are hereby repealed or modified accordingly.

 

SEC. 3.  This Executive Order shall take effect immediately.

 

Done in the City of Manila, this 17th day of June, in the year of Our Lord, nineteen hundred and eighty-seven.

 

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