Increasing The Specific Tax On Gasoline, Diesel Fuel Oil, Bunker Fuel Oil And Other Similar Petroleum Products By Further Amending Sections 142, 144 And 145 Of The National Internal Revenue
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Increasing The Specific Tax On Gasoline, Diesel Fuel Oil, Bunker Fuel Oil And Other Similar Petroleum Products By Further Amending Sections 142, 144 And 145 Of The National Internal Revenue
Presidential Decree No. 874
January 5, 1976
Case Overview and Summary
Presidential Decree No. 874Increasing Specific Tax on Petroleum Products
- Amends Sections 142, 144 and 145 of the National Internal Revenue Code to increase specific tax rates on:
• Gasoline and similar distillation products, from previous rate to 33 centavos per liter of volume capacity (Sec. 142(c))
• Bunker fuel oil, from previous rate to 4.5 centavos per liter (Sec. 144)
• Diesel fuel oil, from previous rate to 14.5 centavos per liter (Sec. 145)
- Also sets specific tax rates for:
• Kerosene at 7 centavos per liter (Sec. 142(a))
• Lubricating oils at 65 centavos per liter (Sec. 142(b))
• Thinners and solvents at 19 centavos per liter (Sec. 142(f))
• Liquefied petroleum gas at 12 centavos per kilogram (Sec. 142(g))
• Aviation turbo jet fuel at 9 centavos per liter (Sec. 142(j))
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Executive Issuances
Presidential Decrees
petroleum products
gasoline
diesel fuel oil
bunker fuel oil
kerosene
lubricating oils
naphtha
thinners
solvents
liquefied petroleum gas
aviation turbo jet fuel
tax increase
tax rates
specific tax
volume capacity
National Internal Revenue Code
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Increasing The Specific Tax On Gasoline, Diesel Fuel Oil, Bunker Fuel Oil And Other Similar Petroleum Products By Further Amending Sections 142, 144 And 145 Of The National Internal Revenue
Presidential Decree No. 874
•January 5, 1976
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 874 January 5, 1976
INCREASING THE SPECIFIC TAX ON GASOLINE, DIESEL FUEL OIL, BUNKER FUEL OIL AND OTHER SIMILAR PETROLEUM PRODUCTS BY FURTHER AMENDING SECTIONS 142, 144 AND 145 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
WHEREAS, the need for additional revenue for accelerated development has rendered it imperative for the government to tap resources from which this might equitably be derived;
WHEREAS, the increase in taxes on certain petroleum products is a good source of revenue for the government;
WHEREAS, notwithstanding the last increase in the rate of specific tax on gasoline, the tax on gasoline in the Philippines is still one of the lowest in Asia as revealed in a comparative study of gasoline taxes in several Asian countries/cities; and
WHEREAS, the increase in tax on gasoline, diesel fuel oil, bunker fuel oil and other petroleum products is consistent with the declared policy of the government to conserve fuel;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
petroleum products
gasoline
diesel fuel oil
bunker fuel oil
kerosene
lubricating oils
naphtha
thinners
solvents
liquefied petroleum gas
aviation turbo jet fuel
tax increase
tax rates
specific tax
volume capacity
National Internal Revenue Code
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 874 January 5, 1976
INCREASING THE SPECIFIC TAX ON GASOLINE, DIESEL FUEL OIL, BUNKER FUEL OIL AND OTHER SIMILAR PETROLEUM PRODUCTS BY FURTHER AMENDING SECTIONS 142, 144 AND 145 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
WHEREAS, the need for additional revenue for accelerated development has rendered it imperative for the government to tap resources from which this might equitably be derived;
WHEREAS, the increase in taxes on certain petroleum products is a good source of revenue for the government;
WHEREAS, notwithstanding the last increase in the rate of specific tax on gasoline, the tax on gasoline in the Philippines is still one of the lowest in Asia as revealed in a comparative study of gasoline taxes in several Asian countries/cities; and
WHEREAS, the increase in tax on gasoline, diesel fuel oil, bunker fuel oil and other petroleum products is consistent with the declared policy of the government to conserve fuel;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the...
Login to see full content