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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 311 - REDUCING
THE RATE OF TAX ON INDIGENOUS PETROLEUM AS PROVIDED FOR UNDER SECTION
129, (AS RENUMBERED TO SECTION 151 (a) UNDER EXECUTIVE ORDER NO. 273)
OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
WHEREAS,
under Section 129 (as renumbered to Section 151 (a) (4) under Executive
Order No. 273), of the National Internal Revenue Code, as amended,
indigenous petroleum is subject to excise tax equivalent to twenty-two
percent (22%) of the fair international market price
thereof;
WHEREAS, the said tax on indigenous petroleum is intended to equalize
the tax and duty treatment of imported crude oil and indigenous
petroleum;
WHEREAS, Executive Order No. 303 dated August 25, 1987 reduced from
twenty percent (20%) Ad Valorem to Fifteen Percent (15%) Ad Valorem the
import duty on imported crude oil;
WHEREAS, in order to maintain the equal tax and duty treatment of
indigenous petroleum and imported crude oil, there is likewise a need
to decrease the excise tax on indigenous petroleum to match the reduced
duty on imported crude oil.
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines,
pursuant to Sec. 241 of the National Revenue Code, as amended,
hereby order as follows:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
Sec. 5.
DONE in the City of Manila,
this 10th day of December in the year of Our Lord, nineteen hundred and
eighty-seven.
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