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PRESIDENTIAL DECREE NO. 1119
PRESIDENTIAL DECREE NO. 1119 -
AMENDING Section 124 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
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WHEREAS,
manufacturers of oil products are allowed at present to remove and
transfer oil products from the refinery to bonded warehouses without
the prepayment of specific tax, and the tax due thereon becomes payable
only upon removal of the products from the bonded warehouse;chanroblesvirtualawlibrary
WHEREAS, the present procedure requires too much manpower and too much
paperwork; and
WHEREAS, for purposes of economy and administrative efficiency,
simplified procedure should be instituted by allowing oil companies to
pay specific taxes on locally manufactured oil products within a
prescribed period from the date of removal from the place of production;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree the following:cralaw:red
Section 1. Section 124 of Commonwealth Act No. 466,
as amended, otherwise known as the National Internal Revenue Code, is
hereby further amended to read as follows:cralaw:red
"Sec. 124. Payment of specific tax on domestic
products. — Specific tax on domestic products shall be paid by the
manufacturer, producer, owner, or person having possession of the same;
and, except as otherwise especially allowed, such taxes shall be paid
immediately before removal from the place of production; PROVIDED,
HOWEVER, THAT SPECIFIC TAXES ON LOCALLY MANUFACTURED PETROLEUM PRODUCTS
LEVIED UNDER SectionS 142, 144 AND 145 OF THIS TITLE, EXCEPT
LUBRICATING OIL AND GREASE, SHALL BE PAID WITHIN FIFTEEN (15) DAYS FROM
THE DATE OF REMOVAL THEREOF FROM THE PLACE OF PRODUCTION.
"IF THE SPECIFIC TAX ON PETROLEUM PRODUCTS IS NOT PAID WITHIN THE TIME
SPECIFIED ABOVE, THE AMOUNT OF TAX SHALL BE INCREASED BY TWENTY-FIVE
PER CENTUM THE INCREMENT TO BE A PART OF THE TAX AND THE ENTIRE AMOUNT
SHALL BE SUBJECT TO INTEREST AT THE RATE OF FOURTEEN PER CENT PER
ANNUM. chanroblesvirtualawlibrary
"LOCALLY MANUFACTURED PETROLEUM PRODUCTS PRODUCED AND STOCKED BY THE
PHILIPPINE NATIONAL OIL COMPANY PURSUANT TO THE NATIONAL POLICY OF
MAINTAINING ADEQUATE STRATEGIC FUEL RESERVES SHALL BE EXCLUDED FROM
THESE PROVISION AND MAY CONTINUE TO REMAIN BONDED."
Section 2. This Decree shall take effect thirty (30)
days from promulgation hereof.
Done in the City of Manila,
this 15th day of April, in the year of Our Lord, nineteen hundred and
seventy-seven.
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