Increasing The Specific Tax On Gasoline, Aviation Turbo Jet Fuel, Diesel Fuel Oil, Solvents And Thinners By Further Amending Sections 142 And 145 Of The National Internal Revenue Code, As A
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Increasing The Specific Tax On Gasoline, Aviation Turbo Jet Fuel, Diesel Fuel Oil, Solvents And Thinners By Further Amending Sections 142 And 145 Of The National Internal Revenue Code, As A
Presidential Decree No. 1122
April 21, 1977
Case Overview and Summary
Presidential Decree No. 1122Increasing Specific Tax on Petroleum Products
- Amends Sections 142 and 145 of the National Internal Revenue Code to increase specific tax rates on the following petroleum products:
- Section 142(c): Gasoline and similar distillation products - 50 centavos per liter of volume capacity; Premium and aviation gasoline - 55 centavos per liter of volume capacity.
- Section 142(f): Thinners and solvents - 40 centavos per liter of volume capacity.
- Section 142(j): Aviation turbo jet fuel - 30 centavos per liter of volume capacity.
- Section 145: Diesel fuel oil and similar fuel oils - 17.5 centavos per liter of volume capacity.
- Aims to discourage wasteful consumption of petroleum products and generate additional revenue for economic development.
- Tax rates are effective immediately upon the existence of the petroleum products.
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aviation turbo jet fuel
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Increasing The Specific Tax On Gasoline, Aviation Turbo Jet Fuel, Diesel Fuel Oil, Solvents And Thinners By Further Amending Sections 142 And 145 Of The National Internal Revenue Code, As A
Presidential Decree No. 1122
•April 21, 1977
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1122
INCREASING THE SPECIFIC TAX ON GASOLINE, AVIATION TURBO JET FUEL, DIESEL FUEL OIL, SOLVENTS AND THINNERS BY FURTHER AMENDING SECTIONS 142 AND 145 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
WHEREAS, notwithstanding the last increase in the specific tax rates on petroleum products, the price thereof in the Philippines is still one of the lowest in Asia as revealed in a recent survey;
WHEREAS, the prevailing global crisis in oil has rendered it imperative for the government to adopt stronger measures which would discourage the wasteful consumption thereof; and
WHEREAS, the increase in the tax component of the price of some petroleum products is an effective measure of oil conservation and would further provide an equitable source of additional revenues for economic development.
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. Sections 142 and 145 of Commonwealth Act No. 466, as amended,...
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