Imposition of Specific Tax on Certain Petroleum Products
Executive Order No. 1076, issued on December 26, 1985, establishes a specific tax on various petroleum products in the Philippines, alongside existing ad valorem taxes. The order aims to recover lost revenues due to the removal of certain import surcharges and taxes effective January 1, 1986, by adjusting tax rates on refined petroleum products without increasing their authorized prices. It amends the tax structure for products such as gasoline, kerosene, and liquefied petroleum gas, specifying both the specific and ad valorem tax rates applicable. The changes are designed to internalize the foregone revenues while maintaining price stability in the petroleum market.
Quick Answers
- What is Imposition of Specific Tax on Certain Petroleum Products about?
- Executive Order No. 1076, issued on December 26, 1985, establishes a specific tax on various petroleum products in the Philippines, alongside existing ad valorem taxes. The order aims to recover lost revenues due to the removal of certain import surcharges and taxes effective January 1, 1986, by adjusting tax rates on refined petroleum products without increasing their authorized prices. It amends the tax structure for products such as gasoline, kerosene, and liquefied petroleum gas, specifying both the specific and ad valorem tax rates applicable. The changes are designed to internalize the foregone revenues while maintaining price stability in the petroleum market.
- What type of law is Executive Order No. 1076?
- Imposition of Specific Tax on Certain Petroleum Products (Executive Order No. 1076) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Imposition of Specific Tax on Certain Petroleum Products enacted?
- Imposition of Specific Tax on Certain Petroleum Products (Executive Order No. 1076) was enacted on Dec 26, 1985.
- What is the citation for Imposition of Specific Tax on Certain Petroleum Products?
- Imposition of Specific Tax on Certain Petroleum Products, Executive Order No. 1076, Dec 26, 1985 (Philippines)
Law Information
- Reference Number
- Executive Order No. 1076
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Executive Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 26, 1985
EXECUTIVE ORDER NO. 1076
IMPOSING SPECIFIC TAX ON CERTAIN PETROLEUM PRODUCTS IN ADDITION TO THE AD VALOREM TAX IMPOSED THEREON
WHEREAS, with the lifting of the 5% import surcharge, the 1% foreign exchange transaction tax and the 25% mark-up on the advance sales tax effective January 1, 1986, it is imperative to adopt certain measures to recoup the foregone revenues arising from the abolition of such imposts;
WHEREAS, a substantial portion of the revenue loss could be recouped by internalizing the import surcharge on crude oil through an adjustment of the tax rates and other components of the price structure of certain refined petroleum products; and
WHEREAS, the restructuring of the tax on these products under such scheme will not in any manner increase their existing authorized wholesale posted and retail prices.
NOW, THEREFORE, I, FERDINAND E. MARCOS, I resident of the Philippines, by virtue of the powers in me vested by the Constitution and by Section 290-B of the National Internal Revenue Code, as amended, do hereby direct and order that:
SECTION 1. Paragraph (b) of Section 128 of P. D. 1994 is hereby amended to read as follows:
"(b) For products subject to both specific and ad valorem taxes:
| "Specific | "Ad Valorem | ||
| "(1) | Naphtha, regular gasoline and similar products of distillation | P1.575/liter | 25% |
| "(2) | Premium and aviation gasoline | P1.49/liter | 25% |
| "(3) | Kerosene | P0.268/liter | 14% |
| "(4) | Fuel Oil commercially known as diesel fuel oil, and on similar fuel oils, having more or less the same generating capacity, and liquefied petroleum gas used for motive power | P0.269/liter | 22% |
| "(5) | Thinners and Solvents | P1.491/liter | 25% |
| "(6) | Liquified Petroleum Gas except those used for motive power | P0.572/liter or P1.029/kilogram | 14% |
| "(7) | Aviation Turbo Fuel | P1.509/liter | 25% |
| "(8) | Fuel Oil commercially known as bunker fuel oil and oils having more or less the same generating power | P0.443/liter | 7% |
| "(9) | Asphalts | P0.226/liter | 14% |
SECTION 2. Paragraph (c) of Section 128 of P. D. 1994 is hereby deleted.
SECTION 3. This Executive Order shall take effect on January 1, 1986.
DONE in the City of Manila, this 26thday of December, in the year of Our Lord, Nineteen Hundred and Eighty-Five.
Cite This Law
Imposition of Specific Tax on Certain Petroleum Products, Executive Order No. 1076, Dec 26, 1985 (Philippines)
Imposition of Specific Tax on Certain Petroleum Products, Executive Order No. 1076 (Phil. 1985)
Related Laws
- Revised Rates of Specific Tax on Certain Petroleum ProductsExecutive Order No. 919 • Nov 3, 1983 • Presidential Issuances
- Increasing the Specific Tax on Gasoline and Similar Petroleum ProductsPresidential Decree No. 874 • Jan 15, 1976 • Presidential Issuances
- Increasing the Rates of Specific Tax on Petroleum ProductsPresidential Decree No. 1672 • Feb 7, 1980 • Presidential Issuances
- Increasing the Specific Tax on Lubricating Oils and Other Similar Petroleum ProductsPresidential Decree No. 436 • Apr 13, 1974 • Presidential Issuances
- Withdrawal of Tax-Exemption Privilege Granted to PAL on Its Purchase of Domestic Petroleum ProductsLetter of Instructions No. 1483 • Oct 31, 1985 • Presidential Issuances
- Continued Tax and Duty Free Importation of Petroleum ProductsLetter of Instructions No. 839 • Mar 31, 1979 • Presidential Issuances
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