Amending Paragraph (B) of Section 128 of the National Internal Revenue Code, as Amended, By Revising the Excise Tax Rates of Certain Petroleum Products
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Amending Paragraph (B) of Section 128 of the National Internal Revenue Code, as Amended, By Revising the Excise Tax Rates of Certain Petroleum Products
Executive Order No. 195
June 17, 1987
Case Overview and Summary
Summary of Executive Order No. 195Amending Paragraph (b) of Section 128 of the National Internal Revenue Code
- Restructures the excise tax components of certain petroleum products to cushion the impact of increased oil prices on the economy. (Whereas clause)
- Adopts a pure ad valorem tax scheme to provide flexibility in response to price changes and avoid frequent tax rate revisions due to oil price fluctuations. (Whereas clause)
Amendments to Paragraph (b) of Section 128:
- Imposes ad valorem tax rates on the following petroleum products: (Section 1)
1. Naptha, gasoline, and similar distillation products - 48% (Section 1)
2. Aviation turbo jet fuel - 48% (Section 1)
3. Thinners and solvents - 48% (Section 1)
4. Fuel oil, commercially known as bunker oil and similar fuel oils with the same generating power - 0% (Section 1)
5. Fuel oil, commercially known as diesel fuel oil, and similar fuel oils with the same generating power - 24% (Section 1)
6. Kerosene - 24% (Section 1)
7. Liquefied Petroleum gas - 24% (Section 1)
8. Asphalts - 24% (Section 1)
- The ad valorem tax is based on the company take or netback on the product as approved by the Energy Regulatory Board, including the ad valorem tax itself. (Section 1)
- Repeals or modifies any orders, issuances, rules, and regulations inconsistent with this Executive Order. (Section 2)
- Takes effect immediately. (Section 3)
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Executive Issuances
Executive Orders
petroleum products
excise tax
ad valorem tax
oil prices
naptha
gasoline
aviation fuel
thinners
solvents
fuel oil
bunker oil
diesel fuel
kerosene
liquefied petroleum gas
asphalts
Energy Regulatory Board
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Amending Paragraph (B) of Section 128 of the National Internal Revenue Code, as Amended, By Revising the Excise Tax Rates of Certain Petroleum Products
Executive Order No. 195
•June 17, 1987
EXECUTIVE ORDER NO. 195 June 17, 1987
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 restructing 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:
Sec. 1. Paragraph (b) of Section 128 of the National Internal Revenue Code, as amended, is hereby amended to read as follows:
"Par. (b) For products...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Executive Orders
petroleum products
excise tax
ad valorem tax
oil prices
naptha
gasoline
aviation fuel
thinners
solvents
fuel oil
bunker oil
diesel fuel
kerosene
liquefied petroleum gas
asphalts
Energy Regulatory Board
company take
netback
EXECUTIVE ORDER NO. 195 June 17, 1987
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 restructing 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:
Sec. 1. Paragraph (b) of Section 128 of the National Internal Revenue Code, as amended, is hereby amended to read as follows:
"Par. (b) For products...
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