Increasing The Specific Tax On Kerosene, Lubricating Oil, Gasoline, Bunker Oil And Diesel Fuel Oil And Imposing Specific Tax On Other Refined And Manufactured Mineral Oils By Amending Secti

MALACAÑANGM a n i l a PRESIDENTIAL DECREE No. 392 February 18, 1974 INCREASING THE SPECIFIC TAX ON KEROSENE, LUBRICATING OIL, GASOLINE, BUNKER OIL AND DIESEL FUEL OIL AND IMPOSING SPECIFIC TAX ON OTHER REFINED AND MANUFACTURED MINERAL OILS BY AMENDING SECTIONS 142, 144 AND 145 OF THE NATIONAL INTERNAL REVENUE CODE AS AMENDED WHEREAS, in order to accelerate the economic and social development of the country, the government must provide the construction and improvement of highways, roads, bridges and other infrastructures; WHEREAS, the expected tax revenues based on the present rates of specific taxes are still inadequate to carry on the present program of highway improvement and development; 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 the world as revealed in a comparative study of the gasoline taxes in several countries/cities; WHEREAS, in order to improve and simplify tax administration, it is desirable to adopt a uniform tax treatment for all refined and manufactured petroleum...