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A collection of Philippine laws, statutes and codes
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This page features the full text of
    Republic Act No. 6767
AN ACT AMENDING SECTION 145, PARAGRAPH (B), OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED.

REPUBLIC ACT NO. 6767

AN ACT AMENDING SECTION 145, PARAGRAPH (B), OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED.


Section 1. Section 145, paragraph (b), of the National Internal Revenue Code, as amended, is hereby further amended by adding a new item (4) to read as follows: chan robles virtual law library


"Ad Valorem 

Tax Rate 

"(4) Naptha when used as a raw material in the production of petrochemical products _____ 0% Provided, That naphtha processed by domestic refineries, if available as determined by the Energy Regulatory Board, shall be utilized before any naphtha may be imported for this purpose: Provided, further, That the by-product including fuel oil, diesel fuel, kerosene, pyrolysis gasoline, liquefied petroleum gases and similar oils having more or less the same generating power, which are produced in the processing of naphtha into petrochemical products shall be subject to the applicable ad valorem tax specified in paragraph (b) of this section, except when such by-products are transferred to any of the local oil refineries through sale, barter, or exchange, for the purpose of further processing or blending into finished products which are subject to ad valorem tax under the said paragraph (b) of this section."chan robles virtual law library

`Sec. 2. The Bureau of Internal Revenue with the approval of the Department of Finance shall promulgate rules and regulations necessary for the effective implementation of this Act. chan robles virtual law library

Sec. 3. This Act shall take effect after fifteen (15) days following its publication either in the Official Gazette or a newspaper of general circulation in the Philippines. chan robles virtual law library


 
 
Approved: October 30, 1989





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