Amending Section 124 Of The National Internal Revenue Code, As Amended
Download as PDF
Download as Word
Collections
Create new Collection
Overview
Full Text
Details
Case
Agency Issuance Number
Published Date
Amending Section 124 Of The National Internal Revenue Code, As Amended
Presidential Decree No. 1119
April 15, 1977
Case Overview and Summary
Summary of Presidential Decree No. 1119Amending Section 124 of the National Internal Revenue Code
- Payment of Specific Tax on Domestic Products
• Specific tax on domestic products shall be paid by the manufacturer, producer, owner, or person having possession of the same. (Section 1)
• Except as otherwise allowed, such taxes shall be paid immediately before removal from the place of production. (Section 1)
- Payment of Specific Tax on Locally Manufactured Petroleum Products
• Specific taxes on locally manufactured petroleum products levied under Sections 142, 144, and 145 of the National Internal Revenue Code, except lubricating oil and grease, shall be paid within fifteen (15) days from the date of removal thereof from the place of production. (Section 1)
• If the specific tax on petroleum products is not paid within the specified time, the amount of tax shall be increased by twenty-five percent (25%), and the entire amount shall be subject to interest at the rate of fourteen percent (14%) per annum. (Section 1)
- Exclusion for Philippine National Oil Company
• Locally manufactured petroleum products produced and stocked by the Philippine National Oil Company pursuant to the national policy of maintaining adequate strategic fuel reserves shall be excluded from these provisions and may continue to remain bonded. (Section 1)
- Effective Date
• This Decree shall take effect thirty (30) days from promulgation hereof. (Section 2)
Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
petroleum products
specific tax
domestic products
manufacturer
producer
owner
possession
place of production
removal
lubricating oil
grease
payment deadline
penalty
interest
Philippine National Oil Company
strategic fuel reserves
bonded
effective date
Law
Amending Section 124 Of The National Internal Revenue Code, As Amended
Presidential Decree No. 1119
•April 15, 1977
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1119
AMENDING SECTION 124 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
WHEREAS, manufacturers of oil products are allowed at present to remove and transfer oil products from the refinery to bonded warehouses without the prepayment of specific tax, and the tax due thereon becomes payable only upon removal of the products from the bonded warehouse;
WHEREAS, the present procedure requires too much manpower and too much paperwork; and
WHEREAS, for purposes of economy and administrative efficiency, simplified procedure should be instituted by allowing oil companies to pay specific taxes on locally manufactured oil products within a prescribed period from the date of removal from the place of production;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree the following:
Section 1. Section 124 of Commonwealth Act No. 466, as amended, otherwise known as the National Internal Revenue Code, is hereby further amended to read as follows:
"Sec. 124....
Login to see full content
Amends
n/a
Amended by
n/a