Limiting the Power of Cities To Increase Tax on Petroleum Products
Presidential Decree No. 318, issued on October 22, 1973, by President Ferdinand E. Marcos, restricts cities in the Philippines from raising taxes on petroleum products beyond the rates that were in effect at the time of a recent increase by the Oil Industry Commission. This decree overrides provisions in the Local Tax Code, thereby preventing local governments from adjusting tax rates on petroleum in response to price changes. The order aims to stabilize the financial impact of rising petroleum prices on consumers and local economies.
October 22, 1973
PRESIDENTIAL DECREE NO. 318
LIMITING THE POWER OF CITIES TO INCREASE TAX ON PETROLEUM PRODUCTS
I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, do hereby order and decree:
That notwithstanding the provisions of Section 24 of Article 3, Chapter II of the Local Tax Code, the cities shall not increase the rate of taxes imposed by them on petroleum products and prevailing at the time of the promulgation of the order of the Oil Industry Commission dated October 20, 1973, increasing the price of petroleum products which is likewise the date of effectivity of Presidential Decree No. 314, increasing the specific tax on petroleum products. acd
DONE in the City of Manila, this 22nd day of October, in the year of Our Lord, Nineteen Hundred and Seventy-Three.