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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 312 - REDUCING
THE RATE OF TAX ON INDIGENOUS PETROLEUM AS PROVIDED FOR UNDER SECTION
129, (AS RENUMBERED TO SECTION 151 (a) (4) UNDER EXECUTIVE ORDER NO.
273, OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
WHEREAS,
the 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 (15%) Ad Valorem the import
duty on imported crude oil;
WHEREAS, Executive No. 311 dated December 10, 1987 reduced the tax on
indigenous petroleum from Twenty-Two Percent (22%) to Fifteen Percent
(15%) as a consequence of the reduction of the duty rate on imported
crude oil under Executive Order No. 303 dated August 25, 1987;
WHEREAS, Executive Order No. 306 dated October 20, 1987 further reduced
from Fifteen Percent (15%) Ad Valorem to Ten Percent (10%) 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 16th day of December in the year of Our Lord, nineteen hundred and
eighty-seven.
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