Withdrawal of Subsidy Granted Under LOI 663 to Dealers of Gasoline, Diesel Fuel, Kerosene and Liquefied Petroleum Gas

December 7, 1979 REVENUE MEMORANDUM CIRCULAR NO. 68-79 SUBJECT : Withdrawal of Subsidy Granted Under LOI 663 to Dealers of Gasoline, Diesel Fuel, Kerosene and Liquefied Petroleum Gas (LPG) TO : All Regional Directors, Revenue District Officers, Collection Agents and others concerned For the information and guidance of all concerned, there is quoted in full, hereunder, the letter of the Presidential Assistant for Economic and Development Affairs to the Honorable, the Minister of Finance: "18 September 1979 "The Honorable The Minister Ministry of Finance Manila "Sir: "Please be informed that the President has approved your recommendation to withdraw the subsidy granted under LOI 663 to dealers of gasoline and liquefied petroleum, but with an annotation, to wit: "But check with Minister Velasco for approval." "Thank you. "Very truly yours, "(SGD.) RUBEN B. ANCHETA Presidential Assistant for Economic and Development Affairs" Minister Geronimo Velasco of the Ministry of Energy has agreed to the lifting of the subsidy granted to dealers of gasoline and liquefied petroleum gas under Letter of Instructions No. 663. Effective January, 1980, therefore, dealers in gasoline, diesel fuel, kerosene and liquefied petroleum gas (LPG) shall pay the annual fixed or privilege tax (PTR) under the increased rates provided for in Section 192(2) of the National Internal Revenue Code of 1977, as amended by Presidential Decree No. 1457, without the benefit of subsidy. All officials concerned are enjoined to give this circular as wide a publicity as possible with the end in view to an effective implementation of the provisions thereof beginning January, 1980. aisa dc RUBEN B. ANCHETA Acting Commissioner