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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 959 - REVISING
THE PERCENTAGE TAX RATE ON LOCALLY PRODUCED CRUDE OIL
WHEREAS, under Presidential Decree 1615
which took effect on March 13, 1979, a percentage tax of twenty-two per
centum (22%) was levied on locally produced crude oil in order that its
price can be placed at par with the price of imported crude which, in
addition to the inward ocean freight and other incidental costs
importation, is subject to the payment of twenty-two per centum (22%)
customs duty;
WHEREAS, without this percentage tax, those oil companies which have
access to the market for locally produced crude oil would have undue
advantage over other oil companies wholly dependent on imported crude
oil;
WHEREAS, with the recent realignment of ad valorem duty on
importations, it becomes imperative to adjust the rate of percentage
tax on locally produced crude oil to a level consistent with the
prevailing statutory rate of thirty-three per centum (33%) customs duty
on imported crude oil.
NOW, THEREFORE, I, FERDINAND, E. MARCOS, President of the Philippines,
by virtue of the powers vested in me under Sec. 290-B of the
National Internal Revenue Code, as amended, do hereby direct and order
that:
Section 1.
“SEC.
199(b)
For purposes of this subsection,
“indigenous petroleum” shall include locally extracted mineral oil,
hydrocarbon gas, bitumen, crude asphalt, mineral gas and all other
similar or naturally associated substances with the exception of coal,
peat, bituminous shale and/or stratified mineral deposits.
In enforcing the provisions of
this subsection, Section 12 and the relevant provisions of Chapter II
of Title IV of this Code shall apply.
Sec. 2.
Sec. 3.
Done in the City of Manila,
this 11th day of June in the year of our Lord, nineteen hundred
eighty-four.
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